Yahoo is willing to negotiate further with Microsoft, top executive Jerry Yang said in an interview Tuesday, as he defended his handling of the aborted takeover bid.
"We were totally willing to do a transaction, and they walked away," Yahoo CEO Yang told the Financial Times, adding that he is open to renewing negotiations with Microsoft.
"We've put out a way of having them buy Yahoo, give them a path to do that. If that's what they want to do, we would be open to a conversation."
Yahoo shares sank 15 percent by the close of trading Monday but remained five dollars above the price of the stock when Microsoft made its February 1 offer, signaling that many in the market believe the deal is not dead.
"I don't think it's over," IDC analyst Karsten Weide said of Microsoft's quest to acquire Yahoo.
"I think what really happened is Microsoft called Yahoo's bluff. For now, they are singing the tune, 'Time is on my side.'"
Yahoo announced it had picked July 3 as the date for an annual shareholders meeting, expected to feature fireworks from peeved investors.