New York (HedgeCo.Net) – Microsoft CEO Steve Ballmer declared that they are “done” pursuing Yahoo and focused instead on Microsoft’s need to invest in its internet businesses.
However, the past six months of on-again, off-again talks with Yahoo have critics wondering if in fact the door is actually closed on this infamous almost-merger.
"We had a set of principles, we talked about them, it didn’t work out," he said. "Fine, we’re done. We can move on."
Microsoft Chief Financial Officer Chris Liddell added, "The chances of us buying Yahoo on a full acquisition basis are so small that they are essentially negligible."
Instead, Microsoft announced it had expanded its current deal with the internet social networking site, Facebook. In addition to displaying ads on Facebook pages, they will also provide web search and search advertising for its 40 million+ U.S. users.
The rhetoric also focused around the fact that Microsoft’s attempt at an acquisition of Yahoo was mainly to better position themselves to compete against Google. However, with Microsoft’s new strategies in place, their one-time need for Yahoo will become obsolete.
"This is a two-horse race,” exclaimed Ballmer. ”It is about Microsoft and Google."
The backdrop was Microsoft’s annual meeting with Wall Street analysts at its headquarters in Redmond, Washington. Ballmer discussed the potential of its online services division as well as emphasized how important it is to capitalize on future opportunities.
"There is this huge, huge, huge new opportunity around the Internet and online and we have to embrace that opportunity and invest in that opportunity."
Senior Editor for HedgeCo.Net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com