It is Over….Microsoft Withdraws Its Bid for Yahoo

Breaking story: Late Saturday afternoon, the New York Times reports that Microsoft has decided to abandon its bid to acquire Yahoo.

The breakdown in the talks followed a meeting on Saturday morning in Seattle between Microsoft’s chief executive, Steve Ballmer, and Yahoo’s chief and co-founder, Jerry Yang.

At the meeting, which also included Yahoo’s other co-founder, David Filo, and Kevin Johnson of Microsoft, Mr. Ballmer increased Microsoft’s offer to $33 a share, but Mr. Yang said Yahoo would not sell for less than $37 a share.

CEO and co-founder Jerry Yang: “I am incredibly proud of the way our team has come together over the last three months. This process has underscored our unique and valuable strategic position. 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 so that we can maximize our potential to the benefit of our shareholders, employees, partners and users.”

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