Microsoft walks away from Yahoo
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.
The software giant had wanted to do a deal to be able to compete with Google, which dominates the lucrative market for internet advertising.
This market was worth $40bn in 2007 and is predicted to double to $80bn by 2010.
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Not over until the fat lady sings
It's not over until the fat lady sings, as the old saying goes. They could just be playing psychological games hoping that Yahoo shareholders will sue or pressure the board by proxy. Wait before popping the bubbly.
Quite so
If they accepted the $34-a-share bid, Microsoft would have to borrow about $30bil from the bank. That's how bad they do, Enron style. They have assets but they massage figures.