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Yahoo Inc. cast doubts about whether Microsoft Corp. was ever committed to acquiring all of the Internet portal as the company continued defending its search-advertising pact with rival Google Inc.
In a presentation filed with the Securities and Exchange Commission, Yahoo said Microsoft's proposal to purchase only Yahoo's search business made "no sense for the company either financially or strategically." Yahoo specifically noted there would be no "meaningful" change in operating cash flow, Microsoft's estimates of cost savings were unrealistic and the deal left Yahoo dependent on Microsoft's monetized results, which wouldn't have been competitive with Google.