Time have passed and the battle for Yahoo’s aquisition is now over. Microsoft is tired of receiving negative answers at their offers. After several negociations and offers, the two companies were unable to come to an agreement and Microsoft’s CEO, Steve Ballmer had announced the following :
“We continue to believe that our proposed acquisition made sense for Microsoft, Yahoo! and the market as a whole, said Ballmer. ?Our goal in pursuing a combination with Yahoo! was to provide greater choice and innovation in the marketplace and create real value for our respective stockholders and employees.”
“Despite our best efforts, including raising our bid by roughly $5 billion, 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.
So, Ballmer decided to offer a long and wordy letter to Yahoo CEO Jerry Yang regarding his decision to withdraw the offer. Here’s what Yahoo Chairman Roy Bostock declared :
“From the beginning of this process, 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,” said Bostock. “Yahoo! is profitable, growing, and executing well on its strategic plan to capture the large opportunities in the relatively young online advertising market. Our solid results for the first quarter of 2008 and increased full year 2008 operating cash flow outlook reflect the progress the company is making.”
I have to admit that not every day someone says no to Microsoft, and Yahoo may see this as a victory against the 800-pound gorilla in the room.
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