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Microsoft is not letting go of Yahoo! as it claimed a couple of weeks back. They have issued a Press Release, which states that the deal could be more of a transaction and not an acquisition.

Microsoft Corp. withdrew its $42.3 billion bid to buy Yahoo Inc. on Saturday due to no clear meeting ground with respect to price among other things.
 
This has been announced after Microsoft decided to raise its initial offer despite refusing to do so for all of last week.
 
A final meeting occurred on Saturday at the Microsoft headquarters in [...]

Microsoft this week indicated a willingness to raise its bid to as much as $33 per Yahoo share (from the original $31), attempting to avoid the hostile takeover battle Mr. Ballmer had threatened, according to people with knowledge of the situation.
 
This comes as a surprise because all of last week, Microsoft has been saying that they will not raise the bid. [...]