Yahoo filed an extension last night to its self-imposed deadline for signing the pending search deal with Microsoft. When the deal was announced on July 29, the companies expected to complete the deal by October 27, but that didn’t happen.
During its analyst day presentations yesterday, Yahoo CEO Carol Bartz told financial analysts not to worry about the move, insisting it was just a matter of “running out of time.”
“It’s a 10-year agreement, so we’d like to get it right up-front,” Bartz said. She said the delay should not impact the timelines Yahoo and Microsoft expect for regulatory approval.
According to the Form 8-K filing:
The Letter Agreement specified that the parties would execute Definitive Agreements by October 27, 2009, but given the complex nature of the transaction, there remain some details to be finalized. The parties are working diligently on finalizing the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible.
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