Won't Be Seeing Microhoo Afterall

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Won't Be Seeing Microhoo Afterall
Topic Started: May 3 2008, 09:10 PM (81 Views)
Dark Knight	May 3 2008, 09:10 PM Post #1
Admin Posts: 4,395 Group: Admin Member #1 Joined: January 24, 2007	Microsoft Withdraws Its Bid for Yahoo By MIGUEL HELFT and ANDREW ROSS SORKIN Microsoft said Saturday that it was abandoning its blockbuster bid to acquire Yahoo after the two companies could not agree on a price. The breakdown in the talks followed a meeting on Saturday morning in Seattle between Microsoft’s chief executive, Steven A. Ballmer, and Yahoo’s chief and co-founder, Jerry Yang, according to a person briefed on the discussions. At the meeting, which also included Yahoo’s other co-founder, David Filo, and Kevin Johnson of Microsoft, Mr. Ballmer increased Microsoft’s offer to $33 a share, but Mr. Yang said Yahoo would not sell for less than $37 a share, this person said. Microsoft’s decision to walk away is the latest chapter in a three-month-old standoff that began when Microsoft made an unsolicited offer to acquire Yahoo in an effort to compete more effectively with Google in Web search, advertising and services. Yahoo rejected Microsoft’s offer repeatedly, saying it undervalued the company. Microsoft at times threatened to lower its offer, originally valued at $44.6 billion, or $31 a 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." A Yahoo spokesman said the company had no immediate comment on Microsoft's move. Microsoft's decision to abandon its bid is likely to raise questions among investors about the judgment of both Microsoft and Yahoo. When Microsoft first made its bid, it said Yahoo was an important part of its strategy to take on Google. Its choice to withdraw, after threatening a proxy contest if a friendly deal could not be reached, may prompt its shareholders to doubt its resolve. At the same time, some Microsoft shareholders, many of whom felt that Microsoft should never have bid for Yahoo, may be relieved, and Microsoft's shares could rise on Monday. But the breakdown in the talks is likely to send Yahoo's shares plunging and generate uncertainty among investors about the company's management. Yahoo has been exploring alternatives to Microsoft's bid, including a search advertising partnership with Google, which could lift its profits and perhaps its stock price, analysts say.
	I can't wait for the I'm an iPad/I'm a Maxi-Pad commercials


trewert	May 4 2008, 04:13 AM Post #2
Wanderer in the Fog Posts: 731 Group: Members Member #10 Joined: January 28, 2007	Tactics. As they wrote, this is the latest chapter. It may not be the last chapter.



burntcarlos	May 4 2008, 07:36 AM Post #3
Junior Poster Posts: 34 Group: Members Member #39 Joined: March 23, 2008	I would like to see more failings by MicroSoft, let them get kicked around more. They are being led to believe they are the biggest and baddest on the block, but they are only big.



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