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No Microhoo: Microsoft Walks Away
Despite reports on Friday that Yahoo! had been brought to the bargaining table by a higher Microsoft offer, Microsoft issued a press release on Saturday indicating it was walking away from the deal.
“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.
Additionally, Microsoft decided a proxy fight was not worth it, citing the following:
"We regard with particular concern your apparent planning to respond to a “hostile” bid by pursuing a new arrangement that would involve or lead to the outsourcing to Google of key paid Internet search terms offered by Yahoo! today. In our view, such an arrangement with the dominant search provider would make an acquisition of Yahoo! undesirable to us for a number of reasons ..."
“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.
Additionally, Microsoft decided a proxy fight was not worth it, citing the following:
"We regard with particular concern your apparent planning to respond to a “hostile” bid by pursuing a new arrangement that would involve or lead to the outsourcing to Google of key paid Internet search terms offered by Yahoo! today. In our view, such an arrangement with the dominant search provider would make an acquisition of Yahoo! undesirable to us for a number of reasons ..."
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Comments
So it's official that they are backing off, eh? This really is in Microsoft's best interests now. They were taking too much negative heat for it. A hostile take over would not bode well with people.
thats good
more like microBOO :-p couldnt resist microsoft hating.
i honestly never really thought it would last. yahoo didnt want to be bought from microsoft :-/
Huzzah! Good for Yahoo!
when will they stop trying to aquire Yahoo!?
coolzonestefan:
when will they stop trying to aquire Yahoo!?
From what I took from the article, it seems like they are stopping now.
Its cool to hear that.I hope Microsoft will not turn in what EA has become(aquiring a lot of companies and turning everyting in a monopoly)
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Copyright © 1999 - 2008 David Altavilla and HotHardware.com, LLC. All rights reserved. Privacy and Terms