Greg Goss wrote:
> I thought that Microsoft was bailing out on Yahoo?
Yep:
Microsoft says proxy battle not worth it
Microsoft officially pulled its offer for Yahoo on Saturday, confirming an
earlier report by CNET News.com.
In a letter to Yahoo CEO Jerry Yang, Microsoft chief Steve Ballmer
confirmed
that Microsoft was willing to offer $33 a share, but that Yahoo was
holding
out for at least $37 a share, or $5 billion more than Microsoft was
prepared
to spend. In the letter, Ballmer also says he is ruling out a direct offer
to
shareholders.
"This approach would necessarily involve a protracted proxy contest and
eventually an exchange offer," Ballmer said. "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."
[...]
http://www.news.com/8301-13860_3-9935100-56.html
--
Geoffrey Welsh <Geoffrey [dot] Welsh [at] bigfoot [dot] com>
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