Yahoo says investors agreed Microsoft bid too low

NEW YORK (Reuters) - Yahoo Inc held fast to its position on Saturday that Microsoft Corp was offering too little to buy the company, and said it was pleased so many of its shareholders agreed with its determination.

Microsoft Corp withdrew its offer for Yahoo earlier in the day, after saying it was willing to raise its bid to $33 per share. The software maker said Yahoo had refused to budge from a price of $37 per share.

"With the distraction of Microsoft's unsolicited proposal now behind us, we will be able to focus all of our energies on executing the most important transition in our history," Yahoo Chief Executive Jerry Yang said in a statement.

(Reporting by Michele Gershberg, editing by Todd Eastham)