NEW YORK (TheStreet) -- Shares of Microsoft (MSFT) are falling 1.10% to $46.91 in Friday's afternoon trading after talks to purchase Salesforce.com (CRM) fizzled due to a disagreement on price, CNBC reported.
Talks of Microsoft purchasing Salesforce.com started earlier this month when Bloomberg reported that Microsoft was evaluating a bid for Salesforce.com, but said no talks between the two companies were taking place. These rumors drove up shares of salesforce.com sharply higher, Bloomberg added.
While Microsoft was willing to offer roughly $55 billion for the company, founder and CEO of Salesforce.com Marc Benioff was said to have kept raising his expectations to as high as $70 billion, CNBC added.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio said yesterday: "Will he [Benioff] sell the company? He said don't bother him on these issues until he gets to $10 billion in revs and he passes SAP (SAP). I take him at his word."
"No love lost between SAP and CRM. You have to listen to that Salesforce conference call to hear how tough Benioff really is. Dare I say that CRM may actually be undervalued on 2017 earnings," said Cramer Thursday morning.
Microsoft is an American multinational technology company that develops, manufactures, and sells computer software. Salesforce.com is a global cloud computing company based in San Francisco.
TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation: