Microsoft walks away from Yahoo!, finally !
After a long drawn out battle to acquire Yahoo!, Microsoft has finally walked away, bringing the curtains down over a drama that has been playing out over the past 3 months now.
The latest meeting between the top honcho’s from either side, Steve Ballmer and Jerry Yang, did not yield a conclusive outcome. Microsoft offered to increase it’s bid to $33/share, but Yahoo! was unwilling to play ball for anything less than $37/share.
In a letter to Jerry Yang, Ballmer said,
“Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo! has not moved toward accepting our offer. 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.”
You can read the entire text of the letter here. In response to Microsoft’s announcement, Yahoo! issued a response on their site.
Come Monday, it will be interesting to see the effects this latest twist has on the stock prices of both companies.
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