Yahoo statement ends talks with Microsoft

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Yahoo issued a statement in Thursday, announcing the end of the takeover talks with Microsoft, because Microsoft refused to pay the 47.5 billion-dollar offer offered last month. Yahoo said Microsoft had made it clear that it was not interested in acquiring the entire company and that Yahoo had not sold its Internet search business separately to Microsoft. The following is the full text of Yahoo's statement:

Yahoo announced today that the discussion of a potential deal with Microsoft – whether it was a total takeover of Yahoo or a partial takeover – had been completely terminated. Prior to the end of the talks, Yahoo and Microsoft held a number of meetings and dialogues on alternative transactions, including the talks between Yahoo and Microsoft on June 8, when Yahoo's board chairman, Bostock Roy Bostock, and other independent directors of the company were involved in the meeting. At the meeting, Microsoft said unequivocally that Microsoft had no intention of acquiring the entire company, even if it set the purchase price to $33 per share originally proposed.

On Microsoft's offer to buy only Yahoo search assets, Yahoo board directors, after careful assessment, decided that such a deal would not be consistent with the company's gathering search and display market views. This would make Yahoo lose its independent search business, which Yahoo sees as the key to Yahoo's future strategy. So it is not in the best interests of Yahoo shareholders to sell the search business to Microsoft.

Yahoo will continue to maximize shareholder value by implementing a strategy that is "the beginning of the Internet" (starting Points) and "Advertisers must choose" (Moment-in Buy). Online advertising market in 2007 output value of about 40 billion U.S. dollars, by 2010 will increase to 75 billion U.S. dollars, Yahoo believes that the company has the right assets, strategic plans, board and management team to seize this growth opportunity