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SAN FRANCISCO - Yahoo on Saturday dismissed Microsoft's aborted takeover bid as a "distraction," promising the struggling Internet pioneer is poised for better days.
Earlier in the day Microsoft yanked its proposal to acquire Yahoo, saying the struggling Internet pioneer refused to budge on price despite the software giant upping its offer to nearly US$50 billion.
Talks aimed at resolving corporate dueling that began with Microsoft's offer on February 1 to buy Yahoo for 31 dollars per share ended with the two firms unable to close a multi-billion-dollar gap in price expectations.
"This process has underscored our unique and valuable strategic position," Yahoo chief executive Jerry Yang said in a statement posted on the California firm's website.
"With the distraction of Microsoft's unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history so that we can maximize our potential to the benefit of our shareholders, employees, partners and users." - AFP/vm
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