Talk about an emotional roller coaster. Discussions between heads of Microsoft and Yahoo on Saturday concluded with the two companies deciding they don’t mesh well after all.
After company insiders divulged Microsoft and Yahoo were in decidedly harmonious merger talks, Steve Ballmer has formally withdrawn his bid. There will be no board ousting and no bid to meet Yahoo’s lofty expectations of $37 per share.
Steve Ballmer on the talks:
“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.”
Jerry Yang on what an insider alleged was his “personal victory”:
“With the distraction of Microsoft’s unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history.”
Whatever, man.
