Yahoo has unveiled upbeat growth forecasts as it tries to convince investors that Microsoft's $44.6bn (£22.3bn) bid undervalues the company.
Internet portal Yahoo says it will about double its operating cash flow over the next three years and generate $8.8bn in revenue after costs in 2010.
Microsoft made an unsolicited bid for Yahoo on 31 January and has shown no sign of improving its takeover offer.
Yahoo said its growth prospects warranted a "substantial premium".
"Yahoo is positioned for accelerated financial growth - we have a powerful consumer brand, a huge global audience and a highly profitable operating model," Yahoo co-founder and chief executive Jerry Yang said.
"Yahoo provides meaningful strategic value and warrants a significant acquisition premium above its equity value in a potential change of control transaction," the company said.
Yahoo has been seeking links with other media and internet firms that would help it retain its independence. However, most companies with the financial clout to rescue Yahoo from Microsoft's advances would face scrutiny from competition authorities around the world should they make a move on the internet veteran.
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