Yahoo shares plunge after another Microsoft rejectionNovember 8th, 2008 - 5:02 am ICT by IANS
San Francisco, Nov 8 (DPA) Shares of ailing internet pioneer Yahoo plunged more than 10 percent Friday after Microsoft CEO Steve Ballmer reiterated that his company was not interested in reviving its takeover bid.Yahoo CEO Jerry Yang this week urged Microsoft to buy the company, just a day after Google said it was dropping plans for an advertising alliance with Yahoo, which would have boosted Yahoo’s income by up to $400 million per year.
At a conference in Sydney, Ballmer said that Microsoft had moved on after Yahoo rejected its $33-per-share bid earlier this year.
“We’re not interested in going back and re-looking at an acquisition,” Ballmer said, according to Bloomberg News. “I’m sure there are still opportunities for some kind of partnership around search.” He didn’t elaborate on the potential partnerships.
The comments sent Yahoo shares down as much as 17 percent, to $11.65, in Friday’s trading on the Nasdaq, though they later recovered to $12.10.