Microsoft (MSFT) and Yahoo (YHOO) have delayed signing their search deal, Yahoo told the SEC in a filing.
In their original Juy 29 agreement, Yahoo and Microsoft said they would sign finish negotiating the search deal by October 27.
“But,” reads the filing, “given the complex nature of the transaction, there remain some details to be finalised.”
“The parties are working diligently on finalising the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible.”
This is probably just a case of Microsoft and Yahoo ironing out details on a deal that will last 10 years as soon as its locked in.
We reached out to Yahoo and got back a statement that sounds almost exactly like the SEC filing:
“Microsoft and Yahoo! are committed to this agreement and believe this is a highly competitive deal that is good for consumers, advertisers and publishers. We have made good progress in finalising the definitive agreements. Given the complex nature of this transaction there remain some issues that need some additional clarity and definitive details. So, the teams at Yahoo! and Microsoft are continuing to work on the remaining details, and we have mutually agreed to extend the period to negotiate and execute the agreement. We plan to do this as expeditiously as possible. Both companies are optimistic that we will be able to close this deal by early 2010.”
The whole filling:
On October 28, 2009, Yahoo! Inc., a Delaware corporation (“Yahoo!”), and Microsoft Corporation, a Washington corporation (“Microsoft”), mutually agreed to extend the period to negotiate and execute a Search and Advertising Services and Sales Agreement and a licence Agreement (the “Definitive Agreements”) reflecting and supplementing the provisions of such agreements as set forth in annexes to their binding letter agreement dated July 29, 2009 (the “Letter Agreement”). The Letter Agreement specified that the parties would execute Definitive Agreements by October 27, 2009, but given the complex nature of the transaction, there remain some details to be finalised. The parties are working diligently on finalising the agreements, have made good progress to date, and have agreed to execute the agreements as expeditiously as possible. The Letter Agreement was the subject of a Current Report on Form 8-K filed by Yahoo! on August 4, 2009.
The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Yahoo! under the Securities Act of 1933, as amended, or the Exchange Act.
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