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No move as Yahoo deadline expires | No move as Yahoo deadline expires |
(10 minutes later) | |
The deadline which Microsoft gave Yahoo to respond to its $44.6bn (£22.4bn) takeover offer has expired, paving the way for a hostile takeover battle. | |
Microsoft gave its rival until Sunday to accept its bid, something which Yahoo has showed no sign of doing after dismissing the offer as inadequate. | Microsoft gave its rival until Sunday to accept its bid, something which Yahoo has showed no sign of doing after dismissing the offer as inadequate. |
Experts believe Microsoft will now seek to gain ground by trying to get supportive voices onto Yahoo's board. | Experts believe Microsoft will now seek to gain ground by trying to get supportive voices onto Yahoo's board. |
On Thursday, Microsoft reported an 11% fall in quarterly profits. | On Thursday, Microsoft reported an 11% fall in quarterly profits. |
'Battle against time' | 'Battle against time' |
Microsoft can either now withdraw its offer or go directly to Yahoo's shareholders, which is seen as the most likely outcome. | Microsoft can either now withdraw its offer or go directly to Yahoo's shareholders, which is seen as the most likely outcome. |
Microsoft has urged Yahoo to accept a deal rather than embark on what could turn out to be a prolonged and bitter bid battle. | Microsoft has urged Yahoo to accept a deal rather than embark on what could turn out to be a prolonged and bitter bid battle. |
"With respect to Yahoo we have been clear [that] speed is of the essence," Microsoft chief finance officer Chris Liddell said on Thursday. | "With respect to Yahoo we have been clear [that] speed is of the essence," Microsoft chief finance officer Chris Liddell said on Thursday. |
Analysts have mixed feelings about the impact a tie-up with Yahoo might have. | Analysts have mixed feelings about the impact a tie-up with Yahoo might have. |
Andy Miedler, an analyst with Edward Jones, said that while the Microsoft Yahoo deal made strategic sense, from a financial perspective, "we're cautious". | Andy Miedler, an analyst with Edward Jones, said that while the Microsoft Yahoo deal made strategic sense, from a financial perspective, "we're cautious". |
"We already think they're paying a high price," he said. | "We already think they're paying a high price," he said. |
Although Microsoft's profits fell 11% to $4.39bn (£2.22bn) in the three months to 31 March from $4.93bn a year earlier, the results were in line with expectations. | Although Microsoft's profits fell 11% to $4.39bn (£2.22bn) in the three months to 31 March from $4.93bn a year earlier, the results were in line with expectations. |
Microsoft's online services saw a 40% rise in sales to $843m in the quarter, but its online sales still fall far behind Google. | Microsoft's online services saw a 40% rise in sales to $843m in the quarter, but its online sales still fall far behind Google. |
Buying Yahoo would give Microsoft a big boost in its battle with market leader Google for pre-eminence on the online search market. | Buying Yahoo would give Microsoft a big boost in its battle with market leader Google for pre-eminence on the online search market. |