Microsoft withdraws Yahoo bid
Cory Bergman May 4th, 2008
After raising its bid to $33 a share and seeing no response, Microsoft yanked its bid and is abandoning efforts to acquire Yahoo. “After careful consideration, we believe the economics demanded by Yahoo do not make sense for us,” said CEO Steve Ballmer. Yahoo, meanwhile, is claiming victory. “This process has underscored our unique and valuable strategic position,” CEO Jerry Yang said. Ballmer says that Yahoo’s board wanted $38 a share, which is double Yahoo’s stock price when Microsoft first made an offer.
Nobody will be buying them at that price.
Update: Yahoo’s stock price loses 15% right off the bat
3 Comments Add your own
1. discreet_chaos | May 4th, 2008 at 11:52 am
It’s going to be interesting to see how low YHOO goes in Monday’s pre-market and how far they’ll fall before things start evening-out around mid-day.
2. Jeff Bailey | May 5th, 2008 at 8:25 am
Microsoft give up? Naaaa. My guess is if they really want it, MS will go straight to shareholders and fight it out that way. Unless Yahoo! finds a white knight somewhere.
3. Madison May | May 8th, 2008 at 11:20 am
I think it would be better off being owned by yahoo. I wonder if they’re just toying with the stock to make it drop and then buy in big?
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