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Microsoft abandons Yahoo bid higher bid is rebuffed



By AP
03 May 2008 @ 08:16 pm EST

SEATTLE - Microsoft says it's dropping its three-month-old bid to buy Yahoo because the two sides can't agree on an acceptable sale price.

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Microsoft Chief Executive Steve Ballmer says in a letter sent to Yahoo on Saturday that the software maker was willing to pay $47.5 billion for Yahoo. That's $33 per share.

Ballmer says Yahoo insisted that Microsoft pay at least $53 billion. That's $37 per share.

Microsoft's original offer was $44.6 billion, or $31 per share.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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