Ballmer Pulls Microsoft Out Of Talks With Yahoo

Boston (dbTechno) - Microsoft Chief Executive Steve Ballmer has come out and stated that the company is no longer going to try and pursue the Internet company Yahoo. This comes as Microsoft even went as far as to raise their bid to try and get the deal done.

Ballmer wrote a letter to Jerry Yang of Yahoo, stating that Microsoft will no longer be pursuing the company, as the two could not reach an agreement on the price of the company.

Microsoft increased their bid from $31 a share to $33 this week to try and entice Yahoo into accepting the deal.

Yahoo stated that it was not enough though.

Ballmer wrote in the letter to Yang “your final position insisted on Microsoft paying yet another $5 billion or more, or at least another $4 per share above our $33 offer.” Ballmer stated this was not a reasonable.

The first bid from Microsoft came back on February 1, which Yahoo declined. Since then the two sides have been trying to reach an agreement, but have failed.

This statement from Ballmer shows that Microsoft may no longer be interested in any type of hostile takekover either.

It is expected that the stock market will show great support for Microsoft on Monday, but the same may not be the case for Yahoo.