Featured Articles

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC has announced that it will begin volume production of 16nm FinFET products in the second half of 2015, in late…

More...
AMD misses earnings targets, announces layoffs

AMD misses earnings targets, announces layoffs

AMD has missed earnings targets and is planning a substantial job cuts. The company reported quarterly earnings yesterday and the street is…

More...
Did Google botch the Nexus 6 and Nexus 9?

Did Google botch the Nexus 6 and Nexus 9?

As expected, Google has finally released the eagerly awaited Nexus 6 phablet and its first 64-bit device, the Nexus 9 tablet.

More...
Gainward GTX 970 Phantom previewed

Gainward GTX 970 Phantom previewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
EVGA GTX 970 SC ACX 2.0 reviewed

EVGA GTX 970 SC ACX 2.0 reviewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Monday, 05 May 2008 06:36

Microsoft gives up Yahoo! bid

Written by David Stellmack


ImageImage

Withdraws offer


Microsoft has given up its effort to acquire Yahoo, it reported. Microsoft increased its $31.00 per share bid in cash and stock to $33.00 per share. However, Yahoo rejected that new bid, apparently indicating it was willing to hold out for $37.00 per share, which is apparently $5 billion more than Microsoft was willing to offer. Microsoft’s CEO, Steve Ballmer, indicated in a letter that the offer has been withdrawn, as has a direct offer to Yahoo shareholders.

Ballmer stated in the letter to Yahoo, “This approach would necessarily involve a protracted proxy contest and eventually an exchange offer. Our discussions with you have led us to conclude that, in the interim, you would take steps that would make Yahoo undesirable as an acquisition for Microsoft….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 outcome was nothing but positive for Yahoo, at least in the short term. Microsoft’s offer from three months ago to the $33.00 per share increase sent Yahoo’s stock up from its original per share price of $19.18 to $28.67 on Friday, May 2nd.

Last modified on Monday, 05 May 2008 07:44

David Stellmack

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments