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Microsoft's bid to buy out Yahoo decried

(Xinhua)
Updated: 2008-07-10 10:44

The talks centered on the industry but also on how Microsoft and Yahoo could "do a transaction together," Icahn said.

Ballmer made it clear that he could not reach an agreement with Yahoo's current board, but would be willing to consummate a major transaction should the board be ousted, Icahn said.

Related readings:  Microsoft backs Icahn's bid to oust Yahoo board  Microsoft and Yahoo rise on deal talks report  Yahoo shuffles execs as part of major reorganization  Yahoo: Google tie-up remains preferred option

Yahoo shares jumped 12 percent to US$23.95 Wednesday morning on word that Microsoft had been in talks over the last week with Icahn, who controls about 69 million Yahoo shares. Analysts said the development puts more pressure on Yang and increases the odds of a Microsoft deal.

Microsoft walked away from a 47.5-billion-dollar takeover bid for Yahoo in May when Yang demanded a higher price. Microsoft then tried to buy Yahoo's search business but could not reach agreement with Yahoo's board.

In order to better compete with Internet search giant Google, Microsoft wants to buy out Yahoo, particularly its search technology. Yahoo opposes selling its search business, opting instead last month for a partnership with Google, which faces antitrust hurdles. That deal could add as much as 800 million dollars in revenue a year.

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