Microsoft CEO: No interest in buying Yahoo (AP)
SYDNEY, Australia – Yahoo Inc. shares dived nearly 13 percent after the chief executive of Microsoft Corp. said Friday the software giant is not interested in renewing its bid for the struggling Internet company.
Microsoft’s Steve Ballmer told a business lunch in Sydney that he had moved on after Yahoo rejected its takeover bid in the spring. He did suggest a partnership in the search engine market is possible.
“We made an offer, we made another offer, and it was clear that Yahoo didn’t want to sell the business to us and we moved on,” Ballmer said. “We are not interested in going back and re-looking at an acquisition. I don’t know why they would be either, frankly. They turned us down at $33 a share.”
Yahoo shares fell $1.76 to close Friday at $12.20.
Yahoo’s co-founder and chief executive, Jerry Yang, said Wednesday that Microsoft should make another bid for his company, which runs the world’s No. 2 search engine. His appeal came after top search engine Google Inc. backed out of an Internet advertising partnership with Yahoo to avoid a challenge from the U.S. Justice Department, which said it would sue to block the deal on antitrust grounds.
Yahoo had been counting on the Google Inc. deal to boost its finances and placate shareholders still incensed by management’s decision to reject the $47.5 billion takeover bid from Microsoft six months ago
Related Keywords for this posts:
making money, how to make money online, ways to home business, home based works
Sorry, comments for this entry are closed at this time.