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Nov 19 2008
6:33PM
EST
Ballmer: Microsoft "Done" With Yahoo Buyout Talks
Sam Gustin writes: Microsoft is "done" with talks to buy Yahoo, company chief executive Steve Ballmer said in remarks Wednesday -- his first since Yahoo chief executive Jerry Yang announced his plans to step down.
After Ballmer's comments, Yahoo shares fell more than 20 percent to close at $9.14 Wednesday.
When Yang said on Monday that he would resign, investors took that as a sign that talks with Microsoft might re-start, bidding the company's stock price up over ten percent. Many Yahoo shareholders blame Yang for not accepting Microsoft's $31 per share offer earlier this year. Since those talks fell apart, Yahoo's stock price has plummeted to around $10 per share.
But Ballmer seemed to definitively close the door on the possibility of renewed talks in comments at Microsoft's annual meeting Wednesday.
"Let me be clear," Ballmer told shareholders. "We are done with all acquisition discussions with Yahoo."
However, Ballmer said that Microsoft would still be interested in some kind of search partnership with Yahoo, though he said that there were currently no talks underway.
After Ballmer's comments, Yahoo shares fell more than 20 percent to close at $9.14 Wednesday.
When Yang said on Monday that he would resign, investors took that as a sign that talks with Microsoft might re-start, bidding the company's stock price up over ten percent. Many Yahoo shareholders blame Yang for not accepting Microsoft's $31 per share offer earlier this year. Since those talks fell apart, Yahoo's stock price has plummeted to around $10 per share.
But Ballmer seemed to definitively close the door on the possibility of renewed talks in comments at Microsoft's annual meeting Wednesday.
"Let me be clear," Ballmer told shareholders. "We are done with all acquisition discussions with Yahoo."
However, Ballmer said that Microsoft would still be interested in some kind of search partnership with Yahoo, though he said that there were currently no talks underway.
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