NEW YORK (Reuters) - Yahoo Inc’s shares tumbled as much as 20 percent on Monday after Microsoft Corp withdrew its $47.5 billion takeover offer, wiping about $7.6 billion off the Internet company’s market capitalization and piling pressure on its leadership.
In the aftermath, Internet search leader Google Inc seemed poised to reap the gains of the missed deal, which would have been one of the biggest mergers in the technology sector and may have threatened Google’s steady expansion on the Web.
Microsoft shares rose 2.6 percent on relief that it was not willing to overpay for Yahoo, while Google rose 2.2 percent. Read more…
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