Software giant Microsoft drops its bid to buy internet firm Yahoo after the two sides fail to agree a price according to the BBC this morning. "Microsoft chief executive Steve Ballmer formally withdrew the offer in a letter to Yahoo chief executive Jerry Yang.
Mr Ballmer said Microsoft had raised its original offer from $44.6bn to $47.5bn (£24.1bn) - $33 per share.
But he added that Yahoo had insisted on at least $53bn, or $37 a share - more than Microsoft was prepared to pay.
The software giant had wanted to do a deal to be able to compete with Google, which dominates the lucrative market for internet advertising."
The BBC News for the full deets.
