Microsoft Withdraws Yahoo! Bid


Posted May 5, 2008 - By Stephen Johnson

On Saturday, Microsoft's Steve Ballmer sent a letter officially withdrawing his company's $46 billion bid for search engine Yahoo.

"After careful consideration, we believe the economics demanded by Yahoo do not make sense for us," Ballmer said.

"Our independent board and our management have been steadfast in our belief that Microsoft's offer undervalued the company and we are pleased that so many of our shareholders joined us in expressing that view," Yahoo chairman Roy Bostock said.

Microsoft says they plan to go it alone, like real men. "While Yahoo would have accelerated our strategy, I am confident that we can continue to move forward toward our goals," Ballmer said.

On news of the yoinked offer, Yahoo stock sales plunged 17%, and the world of search engines got more interesting... what's the next move AOL, Yahoo and Microsoft will make to compete with 900-pound search  gorilla Google?

Hey, anybody remember dogpile.com? That was some searching, baby!

CNNMoney: Microsoft withdraws bid for Yahoo

Microsoft Withdraws Yahoo! Bid


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