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There isn't a huge difference between $33 and $37 for a really motivated party to walk away. Microsoft had decided, for whatever reason, most likely the fact that Yahoo is such a reluctant target, leading to huge integration issues, to walk away. They just used price as a face-saving excuse.

Yahoo still bears responsibility (in the eyes of its shareholders at least) for making Microsoft walk away with their intransigent attitude. But at least Yahoo got what it wanted - we will see if a year later, they still want the same result. Something tells me if Yahoo stock drifts down to $10 in an economic downturn, knives are going to be out ...