Monday, May 5, 2008

Microsoft walks away from Yahoo

Page last updated at 16:02 GMT, Sunday, 4 May 2008 17:02 UK

Yahoo's shares are expected to fall when markets open on Monday

Software giant Microsoft has dropped its three-month-old bid to buy internet firm Yahoo because the two sides cannot agree on an acceptable sale price.

Microsoft chief executive Steve Ballmer formally withdrew the offer in a letter to Yahoo chief executive Jerry Yang.

Mr Ballmer said Microsoft had raised its original offer from $44.6bn to $47.5bn (£24.1bn) - $33 per share.

But he added that Yahoo had insisted on at least $53bn, or $37 a share - more than Microsoft was prepared to pay. . . . . read more

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