The man sticks it to the man
Microsoft: We'll give ya USD 33 per share (47.5 billion).
Yahoo!: Nawww.
Microsoft: To heck with this, then.
After trying to acquire Internet company Yahoo! before (at 31 per share), Microsoft has thrown in the towel after their recent second offer. Yahoo! co-founder Jerry Yang feels his company is worth USD 38 per share, not the 33 offered by Microsoft.
Microsoft CEO Steve Ballmer feels it's now best for his company to recede, stating the following in a letter to Yang following the rejection:
"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."
Following the first proposal, Microsoft threatened a proxy fight while Yahoo! seeked interest from other companies to prevent a possible takeover. Seems these are just two companies that can't get along; MicroHoo just wasn't meant to be.
This week, Yahoo's stock closed at 28.67 per share. Ouch.
Yeah, I don't know why MS is going after, in my opinion, POS Yahoo!.
Spend your money elsewhere MS...