Microsoft

Microsoft ends Yahoo takeover attempt

Posted Sep 17, 2008 by Zyuu

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Seems like Microsoft will not buy Yahoo!. At least not for the time being.

Microsoft has ended its attempt to acquire Yahoo after its offer of USD 33 per share - a total value of USD 47.5 billion - was rejected.

According to a report from The Times, Yahoo co-founder Jerry Yang insisted that his company was worth USD 38 per share.

"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," Microsoft CEO Steve Ballmer wrote in a letter to Yang following the unsuccessful negotiations.

In February, Microsoft announced its offer to buy Yahoo for USD 31 per share - a 62 per cent premium over the stock's January 31 closing price.

After Yahoo rejected the initial offer, Microsoft threatened to launch a proxy fight. Yahoo, meanwhile, sought interest from other media companies in an attempt to thwart a takeover.

Yahoo's stock closed the week at USD 28.67 per share. Ballmer said that Microsoft would be looking at other business moves.

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  • aukid32 said 
    Mon, May 5 2008 12:04 PM ()

    buy out yahoo! when they fall down hill

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  • Bandahor said 
    Mon, May 5 2008 12:04 PM ()

    I would be happy with USD 1 billion, these guys operate in a different universe to most of us :-)

    I think Mr. Yang is being a tad gready. Take the money and run, no more money worries.

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