Microsoft Corp. and Yahoo Inc. senior executives met this week to discuss Microsoft's proposal to acquire the Internet company but failed to resolve any of their differences, according to people familiar with the matter.
The meeting, which took place near Yahoo headquarters in Sunnyvale, Calif., was the second between top executives from the two companies in recent weeks. Neither meeting included bankers.
The Microsoft executives showed no willingness to raise their cash-and-stock offer, and the Yahoo camp continued to refuse to enter formal negotiations without a sweetened bid, people familiar with the matter say.
Yahoo's board rejected Microsoft's original bid in February, and Yahoo's senior management may see no point in holding talks on the basis of that offer.
Microsoft's cash-and-stock offer was valued at $44.6 billion when it was made Jan. 31, but a drop in the software maker's share price has reduced the value to about $42 billion, or $29.29 a share. On Thursday, Yahoo shares traded at $28.13 at 4 p.m. Nasdaq Stock Exchange composite trading.
Source: Wall Street Journal
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