Finally Microsoft did something right by withdrawing the offer to acquire Yahoo. Since the beginning of the talks for the deal took place, I was seriously astonished of the move by Microsoft.
With early bids rejected and then resubmission of a higher bid with a humble threat made Microsoft look very desperate. At thats solved now. Few hours ago, Microsoft chief executive officer Steve Ballmer, withdrew the offer letter to Yahoo regarding their acquisitions.
As reported by press, it seemed that the folks at Yahoo rejected the deal by quoting the minimum offer to be considered was at only $37 or above per share. On the other hand, Microsoft was only willing to offer $33 maximum per share. So practically the deal would not go any further. And I believe if Microsoft was to rebid, not only me but the rest of the tech analyst would have grouped Microsoft under desperation.
Why monopoly? Instead of looking into new approaches, Microsoft was trying to simply use a typical short cut. Hire one of the largest competitor of Google. Why? It’s clear that Microsoft is under pressure in terms of the hardware business and OS business by Apple and in terms of office and online applications , Google on the other hand with Google Docs for example. Yet I’m never convinced that, trying to acquire Yahoo was the best thing to do. All the best Microsoft !
Couple of reaction links for posterity. Pretty amazing reactions. I can’t believe as some people actually wanted the deal to happen:
Breaking: Microsoft Withdraws Yahoo Bid; Walks Away From Deal
Microsoft walks away from Yahoo
Full text: Yahoo CEO, chairman respond
Report: A peek behind the Yahoo-Microsoft meltdown
Breaking: Microsoft Corporation Rescinds Offer For Yahoo Inc
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