Microsoft withdrew its offer for Yahoo Inc on Saturday as negotiations fell through on price, even after the software giant raised its bid by about $5 billion to $47.5 billion. Microsoft Chief Executive Steve Ballmer said his company increased its offer to $33 per share, from the $31 per share cash-and-stock bid that it initially made on January 31; however, Yahoo was looking for something more along the lines of $37 billion.
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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."
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