Microsoft badly wants a piece of the online services and advertising action, estimated to be worth $80 billion a year by 2010. But not bad enough to pay $35 a share for Yahoo.
Microsoft’s bid to acquire Yahoo ended yesterday at 4:00 p.m. in a letter from Steve Balmer to Jerry Yang.
“I still believe, even today, that our offer remains the only alternative put forward that provides your stockholders full and fair value for their shares. By failing to reach an agreement with us, you and your stockholders have left significant value on the table. But clearly a deal is not to be.”
My translation: What, our money isn’t good enough? Up yours, Yang.
“This process has underscored our unique and valuable strategic position,” Yahoo CEO Jerry Yang said.
“Yahoo is not a strategy; it’s a part of a strategy,” Ballmer told employees on Thursday.
[via The Seattle Times]