As tipped by ChannelNews and CDN last week Microsoft has pulled the plug on their bid to buy Yahoo. Microsoft has officially confirmed that it has withdrawn its bid to acquire Yahoo after the two sides couldn't agree on a price. Microsoft said it had increased its offer to $33 a share, but said Yahoo wanted at least $37 a share.
In our story a week ago titled Microsoft May Give Yahoo a Miss we reported that Microsoft insiders had told us that the deal was set to get canned.
In a press release issued this weekend Microsoft said "Despite our best efforts, including raising our bid by roughly $5 billion, Yahoo has not moved toward accepting our offer," said Microsoft Chief Executive Steve Ballmer. "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."
