A Yahoo! signs sits out front of their headquarters in Sunnyvale, California, February 1, 2008.
(REUTERS/Kimberly White)
Yahoo shares fall 21 percent after Microsoft deal exit
A Yahoo! signs sits out front of their headquarters in Sunnyvale, California, February 1, 2008.
(REUTERS/Kimberly White)
NEW YORK (Reuters) - Shares of Yahoo Inc <YHOO.O> tumbled 21 percent in pre-market trade on Monday after Microsoft Corp <MSFT.O> withdrew its $47.5 billion takeover offer for the Internet search and media company.
The decline also followed Citibank's downgrade on Yahoo shares to "sell" from "buy."
The stock tumbled to $22.65 on Monday morning. The shares rose nearly 7 percent to $28.67 on Friday on hopes of an agreement between Microsoft and Yahoo.
(Reporting by Franklin Paul, editing by Mark Porter)
© Copyright 2008 Reuters. Reuters content is the intellectual property of Reuters or its third-party content providers. Any copying, republication, or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters.
