Saturday, May 03, 2008

Microsoft says it withdraws offer for Yahoo: Financial News - Yahoo! Finance

"Microsoft Corp (NasdaqGS:MSFT - News) withdrew its offer for Yahoo Inc (NasdaqGS:YHOO - News) on Saturday after negotiations fell through because Yahoo wanted more than the $33 a share that Microsoft was willing to offer."

"In a letter to Yahoo Chief Executive Jerry Yang, Microsoft CEO Steve Ballmer said the company raised its offer by about $5 billion to $33 a share, but Yahoo wanted $37 a share.

"Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo! has not moved toward accepting our offer," Ballmer said in a statement.

"After careful consideration, we believe the economics demanded by Yahoo! do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," said Ballmer.

Yahoo was not immediately available for comment."

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