Yahoo! Microsoft witthdrew its bid for Yahoo, opting against raising its offer $5 billion more or pursuing a hostile takeover.
On Feb. 1, Microsoft offered to pay $44.6 billion or $31 a share for Yahoo. Since then, Microsoft said it agreed to raise its bid by $2 per share, but Yahoo wanted another $4.
Shares of Microsoft closed Friday down 16 cents at $29.24. Yahoo! shares ended the session up $1.86 at $28.67.
Analysts believe the Microsoft bid was propping up Yahoo’s stock price, which will plummet now that the offer has been withdrawn. Yahoo’s stock price would plunge and the firm’s board of directors would take fire from unhappy shareholders, and then Microsoft would offer to buy the company for the same amount of money or less.
So, the game is probably not over yet.
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