The Deal
Friday, July 4, 
9:33 pm

[Posted on May 4, 2008 - 12:31 PM]

 

On Saturday, May 3, Microsoft Corp. said it would end its quest to acquire Yahoo! Inc.

The news came after Microsoft had reportedly raised its offer to $33 a share, valuing the deal at $47.5 billion.

In a letter Saturday to Yahoo! CEO Jerry Yang, Microsoft's CEO Steven A. Ballmer said,"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," he wrote.

For the full story, see TheDeal.com

See May 3 press release and Ballmer letter on offer withdrawal from Microsoft
See May 3 press release on offer withdrawal from Yahoo!

For more, see TechCrunch and groundswell

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