Gates: Microsoft to Go It Alone
Updated from 12:45
Microsoft
(MSFT) - Get Report
is planning to pursue a standalone strategy now that its bid to acquire
Yahoo!
(YHOO)
has fallen apart, Chairman Bill Gates said at a press conference in Tokyo.
Steve Ballmer, the CEO of Microsoft, made similar remarks recently concerning the withdrawn offer, which was worth more than $40 billion. Some analysts believe Microsoft could return with a new acquisition attempt, but the remarks of Gates and Ballmer indicate that such a move isn't imminent.
Microsoft originally said it would pay $31 a share for Yahoo!, then sweetened the offer by $2. However, Yahoo! still wanted more, and Microsoft decided to end the takeover effort, which it had proposed in order to better compete with the Internet dominance of
(GOOG) - Get Report
.
"We put a lot of effort in talking with Yahoo! and the conclusion was reached that we should pursue our independent paths," Gates said at the press conference, according to a
Bloomberg
report.
Shares of Microsoft ended Wednesday down 1.7% at $29.21, and Yahoo! finished down 0% at $25.64. Google closed down 1.3% at $579.
Elsewhere among widely held technology stocks,
Apple
(AAPL) - Get Report
ended down 2.2%,
Intel
(INTC) - Get Report
eased 1.7%, and
IBM
(IBM) - Get Report
ended 1.5% higher.
This article was written by a staff member of TheStreet.com.