Microsoft Saturday released a letter from Chief Executive Steve Ballmer to Yahoo CEO Jerry Yang saying that Microsoft had said it was willing to raise its offer to $33 a share for Yahoo, but Yahoo demanded at least $4 per share more.
“Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting our offer,” Mr. Ballmer said in a Microsoft press release.
Microsoft thus decided to abandon its offer and Yahoo!’s stock price is feeling the consequence. So rather than accepting the $5 billion sweetner, the stock is losing $6.5 billion in market cap today.
Microsoft Withdraws Yahoo Offer After Attempt to Bridge Gap in Price
Kevin J. Delaney, Matthew Karnitschnig and Robert A. Guth
The Wall Street Journal
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