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CNBC.com |
A source told CNBC that Microsoft pulled out of the acquisition discussions after learning that Yahoo was close to an online advertising deal with Microsoft rival Google.
The Wall Street Journal also reported that Yahoo and Google were close to an online search advertising deal.
Microsoft was no longer willing to undertake an acquisition of the online advertising company at $33 per share, the Journal said.
"The conclusion of discussions follows numerous meetings and conversations with Microsoft regarding a number of transaction alternatives, including a meeting between Yahoo and Microsoft on June 8th in which Chairman Roy Bostock and other independent Board members from Yahoo! participated," Yahoo said in a statement. "At that meeting, Microsoft representatives stated unequivocally that Microsoft is not interested in pursuing an acquisition of all of Yahoo!, even at the price range it had previously suggested."
Yahoo also said that it determined that acquisition of its search business alone by Microsoft was not in best interests of its shareholders.
Shares of Yahoo
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