Yahoo Japan shares down after Microsoft deal bust

TOKYO, May 7 - Shares in Yahoo Japan , owned one-third by Yahoo Inc , fell as much as 3.5 percent on Wednesday after Microsoft withdrew a $47.5 billion offer for the U.S. Web search engine.

Yahoo Japan shares, also held 41 percent by Japanese telecoms and Internet group Softbank Corp , were down 2.5 percent at 46,050 yen as of 0019 GMT.

Japanese markets were closed on Monday and Tuesday for national holidays. Microsoft on Saturday sweetened its initial $31 per share offer for Yahoo to $33, but then withdrew from the talks when Yahoo Chief Executive Jerry Yang dug in for a price of $37. [ID:nL05688448]

Shares in Softbank, which also owns a 3.9 percent stake in Yahoo Inc, were down 0.5 percent at 2,120 yen, while the benchmark Nikkei average was up 0.9 percent.

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