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July 9, 2008 8:42:20 AM CDT

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Microsoft Retracts Yahoo Offer

Posted May 3, 08 7:42 PM CDT in Technology,  Business    Most Covered

(Newser) – 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."

Sources New York Times, Wall Street Journal

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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)
In a April 24, 2008, file photo Microsoft CEO Steve Ballmer speaks at the Catholic University of Louvain in Louvain-la-Neuve, Belgium.   (AP Photo)
Yahoo workers walk in front of Yahoo headquarters in Sunnyvale, Calif., Wednesday, April 30, 2008.   (AP Photo/Paul Sakuma)
Microsoft CEO Steve Ballmer speaks at the Catholic University of Louvain in Louvain-la-Neuve, Belgium, Thursday April 24, 2008.   (AP Photo/Virginia Mayo)
Microsoft's CEO Steve Ballmer speaks at the Microsoft 2008 MVP Global Summit MVP event from Canada in Seattle in this April 17, 2008, file photo.   (AP Photo/Kevin P. Casey, File)
This combination of two file photos shows Microsoft CEO Steve Ballmer, left, and Yahoo CEO Jerry Yang.   (AP Photo)
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