Microsoft Retracts Yahoo Offer

CEO Steven Ballmer refuses to pay $37 per share
By Neal Colgrass,  Newser Staff
Posted May 3, 2008 7:42 PM CDT
Microsoft Retracts Yahoo Offer
Yahoo CEO Jerry Yang gives a keynote address at the Consumer Electronics Show (CES) in Las Vegas, Monday, Jan. 7, 2008.   (AP Photo/Paul Sakuma, file)

Microsoft withdrew its latest offer to buy Yahoo today after the companies' chief execs haggled over price at a Seattle meeting, the New York Times reports. Microsoft CEO Steven Ballmer offered $33 per share, but Yahoo's Jerry Yang wanted $4 per share more in the blockbuster deal.

"Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting our offer," Ballmer wrote in a press release, the Wall Street Journal reports. "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." (More Microsoft stories.)

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