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Yahoo, Microsoft need more time to ink pact

In a regulatory filing on Wednesday, Yahoo says the companies have agreed to extend the deadline by which they will have a definitive agreement.

Why would anything between Microsoft and Yahoo go quickly?

After months of awkward teenage romance, the two companies finally announced that they had reached a deal in July.

Microsoft and Yahoo reached a "binding letter agreement" on their search deal in July, but ironing out the full pact is taking the two sides longer than anticipated, they said Wednesday. Microsoft/Yahoo

However, the two sides are apparently still working out the terms of what they agreed to in the "binding letter agreement" reached in July. In a regulatory filing on Wednesday, Yahoo said it and Microsoft need more time to iron out a definitive accord.

"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 finalized," Yahoo said in a filing with the U.S. Securities and Exchange Commission.

They have time, as regulators are still pouring over the deal.

In a statement, Microsoft said the two companies remain committed to their arrangement.

"Given the complex nature of this transaction, there remain some issues that need some additional clarity and definitive details," a Microsoft representative said in a statement. "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."

Microsoft said "both companies are optimistic that we will be able to close this deal by early 2010."