Microsoft Withdraws Bid for Yahoo

Microsoft Corp. has withdrawn its $42.3 billion bid to buy Yahoo Inc., scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader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 Saturday after a last ditch effort to negotiate a mutually acceptable sale price proved unsuccessful. Microsoft was willing to pay $47.5 billion or $33 per share, up from the bid's current value of $29.40 per share. But Yahoo's board demanded at least $53 billion, or $37 per share.