Ballmer said in the letter posted on the Microsoft website. “We continue to believe that our proposed acquisition made sense for Microsoft, Yahoo and the market as a whole. Despite our best efforts, including raising our bid by roughly five billion dollars, Yahoo has not moved toward accepting our offer.”
“After careful consideration, we believe the economics demanded by Yahoo do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal,” Ballmer added.
“This increase would have added approximately another five billion dollars of value to your shareholders, compared to the current value of our initial offer. It also would have reflected a premium of over 70 percent compared to the price at which your stock closed on January 31. Yet it has proven insufficient, as your final position insisted on Microsoft paying yet another five billion dollars or more, or at least another four dollars per share above our 33 dollars offer. It is clear to me, that it is not sensible for Microsoft to take our offer directly to your shareholders.”
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