Microsoft Comes Up Short In Yahoo! Play
Software Giant Withdraws $50 Billion Offer For No. 2 Search Engine
By Mike Reynolds -- Multichannel News, 5/3/2008 7:18:00 PM MT
Microsoft Corp.’s bid for Yahoo! Inc. has ended after the software giant couldn’t come to terms with the No. 2 search engine.
According to published reports, Redmond, Wash.-based Microsoft said it lifted its offer to $44.6 billion by about $5 billion to $33 a share. But that evidently wasn’t enough for Yahoo!, which sought $37 a share.
The decision by Microsoft to walk away thwarts its move to try and make inroads against Google Inc. in the online advertising market.
Microsoft's abandoned its Yahoo! gambit after nearly three months -- it initiated the takeover attempt on Feb. 4.
“Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting our offer," Microsoft CEO Steve Ballmer said in a statement. “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.''
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