Microsoft CEO: No thank you, Yahoo!
2008-11-08 16:37:01 (GMT) (Caymanmama.com - Business News)
Microsoft execs decide against renewing the bid for Yahoo Inc.
Dallas, Texas (CaymanMama.com) — Upon Microsoft Corp.’s announcement on Friday from the chief executive that they have no interest in renewing their bid for struggling Yahoo Inc., the internet company’s shares dived over 14 percent.
According to the Associated Press, Microsoft’s Steve Ballmer spoke during a Sydney business lunch and indicated that the company has “moved on after Yahoo rejected its takeover bid in the spring.” Ballmer did suggest a possible partnership in the search engine market.
“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.”
On Wednesday, Yahoo co-founder and chief executive, Jerry Yang, said that the software giant should make another bid for his company. His statement came after No. 1 search engine Google Inc. rejected an Internet advertising partnership with the No. 2 search engine in order to avoid antitrust restrictions from the U.S. Justice Department.
“If anybody thinks the future of search is going to look like the present search, that’s crazy,” Ballmer said. “The user interface on search hasn’t changed for six years. You still get the same dull, boring 10 blue links, for God’s sake. Can’t we do any better than that?”
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