News / Business
Microsoft Abandons Yahoo Bid
Microsoft abandoned its plan to overtake rival search giant Yahoo on Saturday after the two sides failed to agree on a price.
According to reports, Yahoo had been looking for about $37 a share while Microsoft was offering $33 a share. In a press release from Microsoft, Steve Ballmer stated “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.”
The move could be a strategic one for Microsoft as Yahoo will now have to answer to its employees and shareholders and many have predicted the company’s stock would take a hit on Monday.
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