Microsoft reported seeking partners for Yahoo bid
Shares of Yahoo Inc. trade up more than seven per cent on Wednesday amid reports that Microsoft Corp. is talking to other players about a joint bid for Yahoo's search business.
In morning trading on Nasdaq, Yahoo shares were up $1.53 US at $21.73. Microsoft was up two cents at $26.89.
Earlier, the Wall Street Journal reported that Microsoft had talked to several media companies, including News Corp. and Time Warner, about a possible bid. The report suggested Microsoft could wind up with the search business, while the other partner would get the remainder of Yahoo's business.
News Corp. owns MySpace while Time Warner owns AOL.
Citing unnamed sources, the Journal described the talks as preliminary.
Microsoft launched a takeover bid for Yahoo on Feb. 1 worth $47.5 billion. However, Yahoo wanted a sweeter offer, and Microsoft eventually walked away.