Microsoft chief executive Steve Ballmer has quashed
renewedYahoo stakeholder hopes of a buyout,
sending the beleaguered internet firm's share into another
dive.
Yahoo shares ended more than 20% lower in Wednesday trade to end
at a five-year low of $9.14, reports BBC news.
Shares had rallied to gain around 8.7% on Tuesday after Yahoo
announced plans to replace
Jerry Yang as chief executive.
Yang was sharply criticised by many stakeholders after he
rejected a
Microsoft buyout offer at $33 a share in February.
Yahoo's value has dropped more than $30bn since then.
News of Yang's leaving the post of CEO raised hopes Yahoo could
still strike a deal with Microsoft, but Ballmer dismissed the
possibility at Microsoft's annual general meeting yesterday.
"We are done with all acquisition discussions with Yahoo. We did
our best. We have moved on," Ballmer said.
However, he said Yahoo's search business was still of interest
and Microsoft was open to discussions on that front.