NEW YORK “I hereby formally withdraw Microsoft’s proposal to acquire Yahoo!.”
That was the gist of a lengthy letter sent by Microsoft CEO Steve Ballmer on Saturday to Yahoo! CEO Jerry Yang.
Microsoft had been trying to purchase Yahoo! since Jan. 31, first offering $31 per share, though not responding publicly as Microsoft’s own stock sank, thus lowering the half-stock, half-cash bid by almost $2 a share.
But in Ballmer’s letter, he revealed Microsoft’s latest bid was $33 a share while Yahoo! was holding out for $37 per share.
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