Microsoft Drops Yahoo Takeover Plans
By Shawn on Sunday, May 4th, 2008 at 2:42 PM PST In Computer, Game Companies, Game Platforms, Gamer Life, Games Industry, Microsoft
Microsoft has given up on buying out Yahoo for now at its last offer of USD 33 per share was rejected. Yahoo claims the company is worth USD 38 per share despite closing out at 30.98 at close Friday. Despite a reactionary drop in stock prices, Microsoft claims to have changed its mind.
“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,” Microsoft CEO Steve Ballmer wrote in a letter to Yang following the unsuccessful negotiations.
Microsoft initiated the buyout in February. When Yahoo rejected the offer, Microsoft threatened to launch a proxy fight.
Yahoo sucks anyway
Atleast they stood up against the mighty M$. Gota give them credit for that.
IF Microsoft had bought Yahoo, do you know how much influece Microsoft would have had of the online media?