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Microsoft withdraws offer for Yahoo -source

Sat May 3, 2008 7:59pm EDT

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SAN FRANCISCO, May 3 (Reuters) - Microsoft Corp (MSFT.O) has withdrawn its offer for Yahoo Inc (YHOO.O) and does not plan to go hostile, a person familiar with Microsoft's thinking said on Saturday.

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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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