Microsoft confirmed today that it remains interested in sealing "a major transaction" with Yahoo if rogue investor Carl Icahn succeeds in ousting the existing Yahoo board.
The software giant said that it has been discussing a possible agreement with Icahn for the past week, either to buy the whole of Yahoo or the firm's search business.
"Despite working since 31 January of this year, as well as in the early part of last year, we have never been able to reach an agreement in a timely way on acceptable terms with the current management and board of Yahoo," Microsoft stated.
"We have concluded that we cannot reach an agreement. We confirm, however, that after the shareholder election Microsoft would be interested in discussing with a new board a major transaction with Yahoo."
This could involve "either a transaction to purchase the 'Search' function with large financial guarantees or purchasing the whole company".
However, Microsoft went on to warn that it is "premature" to discuss details such as the price or other terms of a possible transaction.
"As we explained on 12 June when Yahoo announced an agreement with Google, we believe that our proposed search acquisition and partnership would have delivered superior value to Yahoo shareholders and the marketplace as a whole," Microsoft said.
"We have not changed our position, even as we continue to move forward with our own online search and advertising offerings. We therefore welcome interest by Mr Icahn in pursuing this and other discussions.
"While of course there can be no assurance of a future transaction, we will be prepared to enter into discussions immediately after Yahoo's shareholder meeting if a new board is elected."
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