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Microsoft to discontinue Yahoo quest

2008-05-27 15:12:47 (GMT) (Caymanmama.com - Business News)

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Tokyo, Japan (CaymanMama.com) — CNN reported that the Chairman of Microsoft, Bill Gates, announced the company is not pursuing any other deal after the withdrawal of more than $40 billion takeover offer for Yahoo. Bill Gates said in Tokyo that the company laid a great deal of efforts in the meetings with Yahoo and decided that the two must follow independent paths.

Gates told CNN, “Now at this point Microsoft is more focused on its independent strategy.” The strong search for Yahoo was broadly seen as recognition of the faults of Microsoft’s advertising strategy and solo web search and now the software producers need to show it can pioneer without yahoo as a collaborator.

The chief executive of Microsoft, Steve Ballmer, had verbally offered to give $33 for each share or more than $45 billion for Yahoo, more than the opening bid value of more than $40 billion and $31 for each share. Nevertheless, the negotiations got collapsed; the worth of Microsoft initial offer had decreased to $29.40 for each share and $42.3 billion, since half of the transaction was supposed to be sponsored with the declining stock of Microsoft.

The board of yahoo wanted more than $35 for each share, a value that the stock of the company has not achieved in more then two years.



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