For those wondering how long Yahoo may take to respond to Microsoft’s unsolicited $44.6 billion takeover bid, Yahoo says don’t hold your breath.

In a brief FAQ posted to its Web site, Yahoo says it is “undertaking a deliberate review process” and warns it could “take quite a bit of time.”

Yahoo said its process “will include evaluating all of the Company’s strategic alternatives–including maintaining Yahoo as an independent company.”

That could include pursuing bids from other companies, Yahoo said. “That process will take some time, but the Board will ultimately pursue the option that it believes can best maximize value for our shareholders,” Yahoo said.

The FAQ marks the company’s most substantive comment thus far on the bid. The company issued a brief statement on Friday morning, but said only that it was reviewing Microsoft’s offer and the company declined all further comment.

Of course, it’s unclear how much of Yahoo’s statement is reality and how much is bravado. The Wall Street Journal noted that while Yahoo may seek other bidders, none immediately emerged. Some say Microsoft’s big wallet and determination may deter others from pursuing Yahoo.

Meanwhile, Silicon Alley Insider blogger Henry Blodget on Friday wrote that at least one New York-based private equity firm was said to have been preparing an offer for Yahoo when Microsoft announced its bid. And on Saturday TechCrunch blogger Michael Arrignton cited rumors that News Corp., which had considered merging its MySpace social-networking site with Yahoo, was trying to assemble a group of investors to challenge Microsoft’s offer.

Source : News.com

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