Shares of Yahoo stock rose by approximately 7 percent on Tuesday amidst news that the company may be bought out by an ex-AOL executive. Wired PR News.com –As reported by the Associated Press, the Wall Street Journal released a story stating that former AOL chief executive, Jonathan Miller, was seeking to make a bid on the search engine giant for around $30 million.
There has yet to be confirmation that the news of Miller’s intended plans is more than speculation at this point. However, the purported rumor seemed to have a positive impact on Yahoo stock, sparking a 76 cents increase per share.
There has been much talk about the future of Yahoo after reports surfaced that the company entered a stronger financial jam after a severed pact to partner with Internet giant Google. Microsoft previously offered to buyout the company for $47.5 million, a move that might have calmed angry shareholders; however, they refused due to the anticipated Google partnership. Google backed out of the deal due to fears of legal ramifications from the US Justice Department.