Microsoft backs off Yahoo after $33 per share bid rejected
ENT News | at | by Mike
Late Saturday Microsoft formally withdrew its offer for Yahoo following negotiation talks that extended into the weekend but ultimately fell flat.
In a letter posted on Microsoft's Web site from Microsoft CEO Steve Ballmer to Yahoo's CEO Jerry Wang, Ballmer expressed his displeasure with Yahoo's rejection of an increased bid of $33 per share, raising the offer to approximately $49.6 billion.
"This increase would have added approximately another $5 billion of value to your shareholders, compared to the current value of our initial offer," Ballmer wrote. "Yet it has proven insufficient, as your final position insisted on Microsoft paying yet another $5 billion or more, or at least another $4 per share above our $33 offer."