It's deja vu, sort of.With Microsoft reportedly in the mix for a potential acquisition of Yahoo, it's worth looking back on similar discussions that were taking place eight years ago at this time.On Feb. 1, 2008, in what would still be by far the software maker's largest ever acquisition, Microsoft offered close to $45 billion for Yahoo. Both companies were getting trounced by Google in search and online ads. Combining the two, so Microsoft thought, would create a credible challenger.

Despite representing a 62 percent premium over its market value at the time, Yahoo rejected the offer. Co-founder and then CEO Jerry Yang said the bid "substantially undervalues Yahoo."

Three months, another $5 billion and another rejection later, Microsoft withdrew its bid, deciding against taking a hostile offer to Yahoo's shareholders.



Today, Yahoo is valued at $33.4 billion, or roughly $16 billion less than what Microsoft was willing to pay in 2008. The , by contrast, has gained 45 percent since Microsoft pulled its bid on May 3 of that year.



"They should've taken the offer — the board just didn't do what they should've done," said Martin Pyykkonen, an analyst at Rosenblatt Securities who has a "sell" rating on the stock. Pyykkonen was covering Yahoo at the time and recalls the deal as being "such a no-brainer."