Microsoft and Yahoo have concluded merger discussions, with Microsoft apparently deciding it is no longer interested in acquiring Yahoo at $33 per share.
Yahoo said in a statement it had engaged its once-spurned suitor in numerous meetings, including one on June 8 in which its chairman, Roy Bostock, and other independent board members were involved.
“At that meeting, Microsoft representatives stated unequivocally that Microsoft is not interested in pursuing an acquisition of all of Yahoo, even at the price range it had previously suggested,” Yahoo stated.
A separate proposal by Microsoft to acquire Yahoo’s search business alone was rejected by Yahoo’s board. The company said such a move would rebel against its view that the marketplaces for search and display advertising are converging.
Shares of Yahoo’s stock fell more than 13 percent to $22.70 this afternoon on the news.
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