Microsoft officially withdraws bid for Yahoo
In their attempts to acquire Yahoo, Microsoft announced that they had added another $5 billion to their original bid.
Yahoo, still believing that they are worth more, responded by asking for an additional $4 billion.
And apparently that’s that; deal off.
In a letter from Microsoft chief Steve Ballmer to Yahoo chief Jerry Yang, Ballmer said that his company was withdrawing their bid to acquire Yahoo and that they have no plans for a hostile takeover, saying that Yahoo likely “would take steps that would make [it] undesirable as an acquisition.”
“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.
You can check out the full press release as well as Ballmer’s letter to Yang here if you’re interested.
[Via Engadget]
Filed under: tech | Tagged: tech, yahoo, microsoft, acquisition, buyout, takeover, ballmer, withdraw, yang
