Microsoft Corp and Yahoo Inc have intensified talks in a last-minute attempt to reach a friendly deal on a buyout of Yahoo, according to media report Friday.
Yahoo shares jumped more than 6 percent in late trading Friday on news of the accelerated talks.
Yahoo had previously refused to enter formal negotiations with Microsoft, saying Microsoft's initial 31-dollar-a-share offer did not properly value Yahoo's search and display advertising technology, or its overseas holdings.
Investors had feared Microsoft might walk away from its unsolicited bid, now worth 42.2 billion dollars, or launch a hostile takeover battle, as Microsoft's CEO Steve Ballmer told employees on Thursday that walking away from a deal with Yahoo was one of three options the company was weighing, and to expect an announcement shortly.
News of the intensified talks on Friday was first reported on the Wall Street Journal's website, quoting people with knowledge of the situation and saying that Microsoft was willing to raise its bid to as much as 33 dollars per Yahoo share.
Major Yahoo shareholders have signaled they want a price in the range of 35 to 37 dollars a share, the Journal reported.
No deal was imminent and an agreement was not likely on Friday, said the report.
Yahoo spokeswoman Diana Wong and Microsoft spokesman Frank Shaw declined to comment.
Source:Xinhua/Agencies
|
Comment
Tell A Friend
Print Format
Save Article