bill - 9:10 am on Sep 21, 2010 (gmt 0)
Yahoo and Alibaba may have strained relations from this whole ordeal for quite some time to come.
After Yahoo Talks, Alibaba Says Its Buyback Bid Is Over [nytimes.com]
Alibaba Group Holding, China’s biggest electronic commerce company, said it had “moved on” from talks to buy back shares held by Yahoo after the two sides failed to reach agreement this year.
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“We have no intention of raising this issue again,” said an Alibaba spokesman, John Spelich. Talks between the Chinese company and Yahoo about the shares ended in June, he said.
Yahoo’s 39 percent stake in Alibaba is worth $11 billion, according to estimates by Marianne Wolk, an analyst for the Susquehanna Financial Group. A Yahoo founder, Jerry Yang, was first approached about nine months ago to sell the holding, before Alibaba filed a formal proposal in May, Mr. Spelich said.