Microsoft abandons Yahoo bid, rebuffing higher sale price
source: http://news.yahoo.com/s/ap/20080504/ap_on_bi_ge/microsoft_yahoo
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- Argon18
- added this
Ballmer says Yahoo insisted that Microsoft pay at least $53 billion. That's $37 per share.
Microsoft's original offer was $44.6 billion, or $31 per share.
In a letter to Mr. Yang that Microsoft released Saturday evening, Mr. Ballmer said that it would not make sense for Microsoft to pursue a lengthy proxy fight. "Our discussions with you have led us to conclude that, in the interim, you would take steps that would make Yahoo undesirable as an acquisition for Microsoft," he wrote.
Mr. Ballmer said in a separate statement that Microsoft would continue to pursue its online efforts on its own.
"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," he said. "While Yahoo would have accelerated our strategy, I am confident that we can continue to move forward toward our goals."
Hooray!!! That's great news for Yahoo! They beat back the Barbarians at the Gate and consumers really dodged the bullet on that one since MS would've destroyed Yahoo.
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- groups:
- Tech, Current News UK, Current News US
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- tags:
- Tech, Technology, Current News UK, Business, 5 more
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DDallas
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Gas engine is the engine of the future? Let's hope we start seeing some progress on the efficiency. I'd like to see the internal combustion engine become an interesting antique.
- 4 years ago
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DDallas
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pat_suquet
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Of courst MSFT is backing away at the moment, i doubt they can fight google on their own, that's why they were looking for a company like yahoo which has a strong and well formed web structure. Poor Ballmer i'm betting hes very upset at the moment, that or he's dancing like a monkey all over the place
- 4 years ago
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pat_suquet
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Jonndailey
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Hopefully Yahoo! can rise from the ashes and start creating some innovative products.
- 4 years ago
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Jonndailey
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Argon18
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It does give some confidence since Yahoo has been able to handle the situation so far.
That does bode well for their ability to continue a successful strategy to keep ahead of further tactics Microsoft might use.
Microsoft hasn't shown much tendency toward innovation lately and Yahoo has a much more recent record of it.
Yahoo could come up with some more effective applications to make their value even more beyond what Microsoft can afford.
- 4 years ago
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Argon18
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lethe95
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It's probably unavoidable. Microsoft is trying to take down almost everything without monopolizing it seems. Of course for yahoo users this could be a major issue. It's more opinion at this point.
- 4 years ago
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lethe95
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marcozarco
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I was initially opposed to a Microsoft acquisition, but once the offer was out there for a while and other alternatives were nearly exhausted, I felt that Yahoo needed to make the deal. As a former Yahoo engineer, I can't help but feel that this is a sad and scary outcome for Yahoo.
- 4 years ago
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marcozarco
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IriEonE
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They are just backing away until the price is right.
- 4 years ago
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IriEonE
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Argon18
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I doubt it since making an end run to the shareholders didn't work.
- 4 years ago
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Argon18
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captainjackie
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they're still going to buy them eventually, it's just going to take some time
- 4 years ago
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captainjackie
