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Microsoft and Yahoo execs meet but no progress: report
A Yahoo! signs sits out front of their headquarters in Sunnyvale, California, February 1, 2008. merger.
Credit: Reuters/Kimberly White
NEW YORK |
NEW YORK (Reuters) - Senior executives at Microsoft Corp (MSFT.O) and Yahoo Inc (YHOO.O) met this week to discuss their proposed merger but did not get anywhere with the talks, the Wall Street Journal said on its Web site, citing people familiar with the matter.
Microsoft executives were not willing to raise their offer and Yahoo continued to be unwilling to enter any formal talks unless the offer was raised, the Journal said on Friday, citing those sources.
The meeting was the second of its kind, without the presence of bankers, between top executives at both companies and took place near Yahoo's headquarters in Sunnyvale, the Journal said.
Microsoft offered to buy Yahoo for $31 a share on January 31 but Yahoo rejected the offer, currently valued at about $42 billion, saying it substantially undervalued the company.
Representatives at Microsoft were not immediately available. A Yahoo spokeswoman declined to comment.
(Reporting by Aarthi Sivaraman; Additional reporting by Eric Auchard in San Francisco; Editing by David Holmes)
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