Despite insisting that its proposed acquisition of Yahoo! "made sense for Microsoft, Yahoo! and the market as a whole" Steve Ballmer, Microsoft CEO, has admitted defeat and withdrawn its proposal to purchase the Yahoo! business. "Yahoo! has not moved toward accepting our offer. After careful consideration, we believe the economics demanded by Yahoo! do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal,” said Ballmer. Here is the text of the letter that Ballmer sent to Yahoo! CEO Jerry Yang on the subject: [QUOTE]May 3, 2008 …

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The End.