Microsoft says it withdraws offer for Yahoo

Microsoft Corp withdrew its offer for Yahoo Inc on Saturday after negotiations fell through because Yahoo wanted more than the $33 a share that Microsoft was willing to offer.

Microsoft says it withdraws offer for Yahoo
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.

Reuters
Last Mod: 04 Mayıs 2008, 12:17
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