SAN FRANCISCO (Reuters) - Microsoft Corp (NasdaqGS:MSFT - News) withdrew its offer for Yahoo Inc (NasdaqGS:YHOO - News) on Saturday as negotiations fell through on price, even after the software giant raised its bid by about $5 billion to $47.5 billion.
Microsoft Chief Executive Steve Ballmer said his company increased its offer to $33 per share, from the $31 per share cash-and-stock bid that it initially made on January 31. But Yahoo was looking for $37 a share, Ballmer said.
"Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting our offer," Ballmer said in a statement.
"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. ...