So finally Microsoft have walked away from the offer they made Yahoo on Feb 1 - initially $31 per share, increased to $33 afterwards.
The two had met three times over April, with reports indicating Yahoo! wanted $38 or the deal was off.
MS decided today to walk away from the deal. This is a clean break - all reports indicate negotiations are off and MS will continue on their own. Begs the question, where does this leave Yahoo!?
See press release below
Press Release:
Microsoft Withdraws Proposal to Acquire Yahoo!
REDMOND, Wash., May 3 — Microsoft Corp. (Nasdaq: MSFT) today announced that it has withdrawn its proposal to acquire Yahoo! Inc. (Nasdaq: YHOO).
“We continue to believe that our proposed acquisition made sense for Microsoft, Yahoo! and the market as a whole. Our goal in pursuing a combination with Yahoo! was to provide greater choice and innovation in the marketplace and create real value for our respective stockholders and employees,” said Steve Ballmer, chief executive officer of Microsoft.
“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,” said Ballmer.
“We have a talented team in place and a compelling plan to grow our business through innovative new services and strategic transactions with other business partners. While Yahoo! would have accelerated our strategy, I am confident that we can continue to move forward toward our goals,” Ballmer said.
“We are investing heavily in new tools and Web experiences, we have dramatically improved our search performance and advertiser satisfaction, and we will continue to build our scale through organic growth and partnerships,” said Kevin Johnson, Microsoft president for platforms and services.
More ...
All Things Digital - http://kara.allthingsd.com/20080503/breaking-microsoft-walks/
Techrunch - http://www.techcrunch.com/2008/05/03/breaking-microsoft-walks/#more-17099
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