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Microsoft 'moves on' from Yahoo | Microsoft 'moves on' from Yahoo |
(about 11 hours later) | |
Microsoft's international president has said it is "the end of the story" with Yahoo after the internet firm refused its higher offer at the weekend. | Microsoft's international president has said it is "the end of the story" with Yahoo after the internet firm refused its higher offer at the weekend. |
Jean-Philippe Courtois said Microsoft would be concentrating on boosting its online services business. | Jean-Philippe Courtois said Microsoft would be concentrating on boosting its online services business. |
Both Microsoft and its takeover target Yahoo are under pressure from some shareholders to do a deal or find other partners to compete with rival Google. | Both Microsoft and its takeover target Yahoo are under pressure from some shareholders to do a deal or find other partners to compete with rival Google. |
Microsoft withdrew from talks after it failed to agree a price with Yahoo. | Microsoft withdrew from talks after it failed to agree a price with Yahoo. |
I wouldn't rule out some partnerships, but we don't have anything imminent there Bill Gates, Microsoft chairman | I wouldn't rule out some partnerships, but we don't have anything imminent there Bill Gates, Microsoft chairman |
Asked if that was the end of the story with Yahoo, Mr Courtois replied: "Absolutely, that's the end of the story. We are moving on because our strategy is very clear." | Asked if that was the end of the story with Yahoo, Mr Courtois replied: "Absolutely, that's the end of the story. We are moving on because our strategy is very clear." |
Yahoo felt that Microsoft's second offer of $33 per share undervalued the firm. It is believed to have wanted nearer to $37 per share. | Yahoo felt that Microsoft's second offer of $33 per share undervalued the firm. It is believed to have wanted nearer to $37 per share. |
"We decided to move on and basically withdraw our offer and continue [executing] our strategy to become and evolve as a leading provider of Internet services in the online advertising world, media, social networking etc," Mr Courtois said. | "We decided to move on and basically withdraw our offer and continue [executing] our strategy to become and evolve as a leading provider of Internet services in the online advertising world, media, social networking etc," Mr Courtois said. |
"So that is what the company is going to focus on," he added. | "So that is what the company is going to focus on," he added. |
'Competitive space' | 'Competitive space' |
Yahoo chief executive Jerry Yang is expected to meet staff on Tuesday to update them on the weekend's events. | Yahoo chief executive Jerry Yang is expected to meet staff on Tuesday to update them on the weekend's events. |
He has suggested he would be open to another, higher offer for the internet firm. | He has suggested he would be open to another, higher offer for the internet firm. |
Mr Yang said he would listen "should somebody else come back someday and want to buy the company". | Mr Yang said he would listen "should somebody else come back someday and want to buy the company". |
Meanwhile an unconfirmed report suggested Microsoft was in talks with media giant Time Warner about buying its internet arm, AOL. | Meanwhile an unconfirmed report suggested Microsoft was in talks with media giant Time Warner about buying its internet arm, AOL. |
Microsoft chairman Bill Gates was asked about his company's future plans while on a visit to South Korea. | Microsoft chairman Bill Gates was asked about his company's future plans while on a visit to South Korea. |
"We need to show the innovation and it's a very competitive space," Mr Gates said. | "We need to show the innovation and it's a very competitive space," Mr Gates said. |
"I wouldn't rule out some partnerships, but we don't have anything imminent there," he added. | "I wouldn't rule out some partnerships, but we don't have anything imminent there," he added. |
Yahoo's share price recovered slightly in Tuesday trading in New York after falling 15% on Monday. | |
Its shares were up 5.54% at $25.81. Microsoft's shares closed up 2.13% at $29.68. |
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