Microsoft's announcement that it would still be amenable to an "alternative acquisition" of Yahoo was met with a terse rejection from the web firm last night.
Yahoo stated categorically: "Discussions with Microsoft regarding a potential transaction - whether for an acquisition of all of Yahoo or a partial acquisition - have concluded."
Yahoo said that the conclusion of discussions followed numerous meetings and conversations with Microsoft regarding a number of transaction alternatives.
These included a meeting earlier in the month with Microsoft on 8 June attended by Yahoo chairman Roy Bostock and other independent board members.
Yahoo claimed that, at this meeting, Microsoft indicated "unequivocally" that it is not interested in pursuing an acquisition of all of Yahoo, even at the price range it had previously suggested.
"With respect to an acquisition of Yahoo's search business alone, that Microsoft had proposed, Yahoo's board of directors has determined, after careful evaluation, that such a transaction would not be consistent with the company's view of the converging search and display marketplaces," the firm stated.
"It would leave the company without an independent search business that it views as critical to its strategic future, and would not be in the best interests of Yahoo stockholders.
"The online advertising industry is projected to grow from $40bn in 2007 to approximately $75bn in 2010 and Yahoo believes it has the right assets, strategic plan, board of directors and management team to capitalise on this opportunity."
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