Monday, May 5, 2008

Microsoft Calls Off Yahoo! Acquisition Efforts

Redmond-based Microsoft said Saturday that the computing giant has pulled its offer for Internet firm Yahoo!. Microsoft said in a statement that the price being sought by Yahoo does not make sense for the firm, and that it would not pursue a direct offer to shareholders. The firm said that it believed a proxy contest for Yahoo would be protracted, and that it believes that Yahoo would adopt steps to make the firm an undesirable acquisition target. Microsoft had been looking to acquire Yahoo for over $45B.