Employers Holdings, Inc. announced today that it intends to offer, subject to market conditions and other factors, $150 million aggregate principal amount of senior unsecured notes due 2018 in an unregistered offering within the United States to qualified institutional buyers.

lays out why the Internet giant has refused to budge from its belief that Microsoft’s bid severely undervalues the company. The Sunnyvale, Calif. company believes it can nearly double its opera...