Microsoft pulls out of Yahoo! purchase
Sunday, May 04, 2008; Posted: 07:39 PM
May 04, 2008 (The Australian Financial Review - ABIX via COMTEX) --
-- Microsoft has withdrawn its hostile $US44.6 billion offer for Yahoo!, stating that the takeover target was being financially unreasonable in its expectations. Yahoo! sought $US37 per share while Microsoft increased its original offer of $US33, but the companies were unable to come to an agreement. Microsoft CEO, Steve Ballmer, wrote a letter to Yahoo! co-founder Jerry Wang that was released to the public and claimed that meeting the demands was not in the interest of its shareholders. It was also critical of Yahoo!'s plans to outsource. A deal would have made the companies a serious rival to Google. Yahoo!'s share price is likely to fall as investor confidence plummets, following the collapse of negotiations.
Publication Date: 5 May 2008
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