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Microsoft withdraws offer for Yahoo -source
SAN FRANCISCO |
SAN FRANCISCO May 3 (Reuters) - Microsoft Corp (MSFT.O) has withdrawn its offer for Yahoo Inc (YHOO.O) and does not plan to go hostile, a person familiar with Microsoft's thinking said on Saturday.
Microsoft raised its offer by $5 billion to $33 a share, but Yahoo wanted $37 a share, this person said.
Microsoft Chief Executive Steve Ballmer has sent a letter to Yahoo Chief Executive Jerry Yang withdrawing the offer, the person said. (Editing by Todd Eastham)
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