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Yahoo stock worsens as Microsoft decides against buying it

2008-11-19 18:23:25 (GMT) (Caymanmama.com - Technology News)

Yahoo Headquarters

Microsoft nixed the idea of buying Yahoo but are open to a search collaboration

Sunnyvale, California (CaymanMama.com) — Things seem to be going from bad to worse for Yahoo Inc. stocks as they plummeted upon the news that Microsoft has nixed the proposal of buying the failing Internet company.

However, according to the Associated Press, Microsoft says it is still interested in some kind of Web search agreement with Yahoo.

Microsoft Corp. chief executive, Steve Ballmer, says the software maker no longer has an interest in buying all of Yahoo Inc. Ballmer spoke to shareholders Wednesday and told them that Microsoft would be “very open” to a search collaboration.

“Let me be clear,” Ballmer told shareholders. “We are done with all acquisition discussions with Yahoo.” Ballmer also noted that Microsoft and Yahoo are not currently in negotiations about a search deal, either.

Ballmer’s comments sent Yahoo shares down by 14 percent.

In May, Yahoo may have set the project into a wrong tone by rejecting Microsoft’s $47.5 billion takeover offer. Making matters worse, Yahoo Inc. then rejected Microsoft’s bid to buy only its search engine.

In a promising turn of events, co-founder Jerry Yang, the main force behind the resistance of those overtures, is now resigning as Yahoo’s CEO and many hope that his successor will have a better overall effect on the company going forward.



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