Microsoft has given up on buying out Yahoo for now at its last offer of USD 33 per share was rejected. Yahoo claims the company is worth USD 38 per share despite closing out at 30.98 at close Friday. Despite a reactionary drop in stock prices, Microsoft claims to have changed its mind.
“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,” Microsoft CEO Steve Ballmer wrote in a letter to Yang following the unsuccessful negotiations.
Microsoft initiated the buyout in February. When Yahoo rejected the offer, Microsoft threatened to launch a proxy fight.
via GamesIndustry.biz
3 Comments to Microsoft Drops Yahoo Takeover Plans
by: Edgecution
On May 4, 2008 at 3:23 pm
Yahoo sucks anyway
by: Gauldar
On May 5, 2008 at 9:15 am
Atleast they stood up against the mighty M$. Gota give them credit for that.
by: UnrivaledShogun
On May 5, 2008 at 1:32 pm
IF Microsoft had bought Yahoo, do you know how much influece Microsoft would have had of the online media?