Microsoft CEO Steve Ballmer issued a letter to Yahoo CEO Jerry Yang over the weekend stating that the company withdrawing its offer to Yahoo. Microsoft had raised its bid to well over the $33 per share, upping it by nearly $5 billion which was still not enough to sway Yahoo board members.
“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,” said Ballmer in the letter.