Microsoft and Yahoo delay search deal

 

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Posted on 29 Oct 2009 at 10:34

Yahoo and Microsoft have informed the Security and Exchange Commission that they need more time to hammer out their search deal.

The search deal was announced back in July, with the companies promising investors that the details would be finalised by 27 October. However, that date has been and gone, and the companies appear no closer to a resolution.

"Given the complex nature of the transaction, there remain some details to be finalised," reads Yahoo's filing to the SEC.

"The parties are working diligently on finalising the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible."

Given the complex nature of this transaction, there remain some issues that need some additional clarity

Yahoo did not offer any information on how long it expects negotiations to last, or clues as to what's delaying the deal. Microsoft suggests it may be completed by 2010.

"Given the complex nature of this transaction, there remain some issues that need some additional clarity and definitive details," says Microsoft in a statement.

"So the teams at Yahoo and Microsoft are continuing to work on the remaining details, and we have mutually agreed to extend the period to negotiate and execute the agreement. Both companies are optimistic that we will be able to close this deal by early 2010."

Author: Stuart Turton