Hot News: Microsoft abandons Yahoo bid, rebuffing higher sale price

[hasan_889]

Microsoft Corp. has withdrawn its $42.3 billion bid to buy Yahoo Inc., scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader Google Inc.

The decision to walk away from the deal came Saturday after last-ditch efforts to negotiate a mutually acceptable sale price proved unsuccessful.
Microsoft was willing to pay $47.5 billion, or $33 per share, up from the bid’s current value of $29.40 per share, according to a letter from Microsoft Chief Executive Steve Ballmer to Yahoo Chief Executive Jerry Yang.


But Yahoo demanded at least $53 billion, or $37 per share, according to Ballmer. That would have been nearly double Yahoo’s stock price of $19.18 at the time Microsoft first made its bid a little over three months ago.

“Clearly a deal is not to be,” Ballmer wrote.

Source : Microsoft abandons Yahoo bid, rebuffing higher sale price | Hasan-Online.com - Jinnat Ul Hasan Homepage

[OldWelshGuy]

Glad I sold my Yahoo shares when they peaked then

they will now go back into freefall and end up around $14-$15 then MS will make a hostile takeover bid no doubt.

[vicdigi]

Well at least for time being it is business as usual. A hositle takeover bid as OWG mentioned is always a possibility and something that for sure Yahoo will be aware of!