Yahoo and Microsoft end talks; Yahoo stock craters
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UPDATE 1 P.M.: Microsoft just issued a statement hinting that Yahoo walked away from the search-deal talks and that Microsoft was open to continuing those conversations:
In the weeks since Microsoft withdrew its offer to acquire Yahoo!, the two companies have continued to discuss an alternative transaction that Microsoft believes would have delivered in excess of $33 per share to the Yahoo! shareholders. This partnership would ensure healthy competition in the marketplace, providing greater choice and innovation for advertisers, publishers and consumers. As stated on May 3rd and reiterated on May 18th Microsoft was not interested in rebidding for all of Yahoo!. Our alternative transaction remains available for discussion.