Microsoft Withdraws Offer, Yahoo Stock Drops
Created 05/05/2008 - 00:00
News outlets are reporting Yahoo shares took a tumble Monday, the first trading day since Microsoft said it failed in its attempt to acquire the Internet portal. Shares fell 16.4 percent from Friday's close, per THE HOLLYWOOD REPORTER.
Yahoo traded at $19.18 when Microsoft bid $31 a share for the company in January, and some analysts were predicting it would sink that low. The stock, however, fell $15 percent Monday to $24.37.
Analysts were predicting that News Corp. might try to buy Yahoo, and that Google will benefit from this latest move.
Microsoft announced on Saturday afternoon they were abandoning their three-month bid for Yahoo. Per VARIETY, Yahoo wanted $37 a share, but Microsoft was willing to go up to only $33.