Yahoo opened Monday down 19.7 percent from Friday’s close, to $23.02, following Microsoft’s withdrawal over the weekend of its unsolicited buyout bid.
On Saturday, Microsoft said the two companies could not overcome differences in opinion over the price of a potential acquisition. Microsoft was offering $33 a share; Yahoo wanted $37 per share. Yahoo’s two largest institutional investors were willing to take $34 a share, according to a source familiar with their thinking.
Yahoo, prior to the bid’s original announcement, had closed at $19.18 on January 31.