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Microsoft Withdraws Proposal to Acquire Yahoo! | |
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| Time: 23:32 EST/04:32 GMT | News Source: Microsoft Press Release | Posted By: Jonathan Tigner | ||
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Microsoft Corp. (NASDAQ: MSFT) today announced that it has withdrawn its proposal to acquire Yahoo! Inc. (NASDAQ: YHOO). We continue to believe that our proposed acquisition made sense for Microsoft, Yahoo! and the market as a whole. Our goal in pursuing a combination with Yahoo! was to provide greater choice and innovation in the marketplace and create real value for our respective stockholders and employees, said Steve Ballmer, chief executive officer of Microsoft. Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo! has not moved toward accepting our offer. After careful consideration, 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, said Ballmer. | ||
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