.... hereby formally withdraw Microsoft’s proposal to acquire Yahoo!
The (preliminary) end of the yahoo drama of buying:
Microsoft abandons Yahoo bid, rebuffing higher sale price- AP
Combine the crash in yahoo and an estimated 20% drop in berkshire hathaway and we are in for a rough monday.
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Microsoft abandons Yahoo bid after sides can't agree on acceptable sales price
SAN FRANCISCO (AP) -- Microsoft Corp. withdrew its $42.3 billion bid to buy Yahoo Inc. on Saturday, scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader Google Inc.
The decision to walk away from the deal came after last-ditch efforts to negotiate a mutually acceptable sale price proved unsuccessful.
The talks reached a breaking point after Jerry Yang and David Filo, the co-founders of Sunnyvale-based Yahoo, flew to Seattle in the morning to meet personally with Microsoft Chief Executive Steve Ballmer and Kevin Johnson, who runs the software maker's unprofitable online services division, according to someone familiar with the talks. The person was not authorized to speak publicly and asked not to be identified.
"Clearly a deal is not to be," Ballmer wrote to Yang in a letter sent late Saturday.
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Berkshire net income falls 64 percent because of derivatives
Saturday May 3, 1:53 am ET
By Josh Funk, AP Business Writer
Unrealized derivative losses send Berkshire's 1Q profit 64 percent lower
OMAHA, Neb. (AP) -- Berkshire Hathaway Inc. said Friday its first-quarter profit fell 64 percent because it recorded an unrealized $1.6 billion pretax loss on its derivative contracts, and its insurance businesses generated lower profits.
Berkshire reported net income of $940 million, or $607 per share, in the quarter ended March 31. That's down significantly from the net income of $2.6 billion Berkshire generated a year ago.
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OMAHA, Neb. (MarketWatch) -- Berkshire Hathaway Inc. Chairman Warren Buffett cautioned shareholders Saturday that returns in the years ahead from the company's equities portfolio, as well as gains from its own stock, will likely be lower than those seen in previous decades.
Buffett said he would be very happy to generate gains of 10% a year from common stocks over the long term but questioned whether that will happen.
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