Microsoft Corp. has withdrawn its $42.3 billion bid to buy Yahoo Inc., scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader Google Inc.
The decision to walk away from the deal came Saturday after last-ditch efforts to negotiate a mutually acceptable sale price proved unsuccessful.
Microsoft was willing to pay $47.5 billion, or $33 per share, up from the bid's current value of $29.40 per share, according to a letter from Microsoft Chief Executive Steve Ballmer to Yahoo Chief Executive Jerry Yang
"Clearly a deal is not to be," Ballmer said
More details at :
http://www.orlandosentinel.com/business/orl-bk-microsoft-yahoo-050308,0,1942094.story
Monday, May 5, 2008
Microsoft to pass on buying Yahoo
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