Microsoft has officially withdrawn the unsolicited buyout of Yahoo!
quoth the Ballmer:
"...I hereby formally withdraw Microsoft’s proposal to acquire Yahoo!."
and my favorite bit...
Also, after giving this week’s conversations further thought, it is clear to me that it is not sensible for Microsoft to take our offer directly to your shareholders. This approach would necessarily involve a protracted proxy contest and eventually an exchange offer. Our discussions with you have led us to conclude that, in the interim, you would take steps that would make Yahoo! undesirable as an acquisition for Microsoft.
What kind of steps? I just don't know what you are implying.
Yahoo! CEO Jerry Yang responded with his own brand of Job'sian Optimism.
Yahoo! is profitable, growing, and executing well on its strategic plan to capture the large opportunities in the relatively young online advertising market. Our solid results for the first quarter of 2008 and increased full year 2008 operating cash flow outlook reflect the progress the company is making....I'm proud of you to Jerry. It cannot be easy turning down giant bucket loads of cash. But I'm glad you did.
..."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."