15 of 21
BACKNEXT
Microsoft overbids for Yahoo
Microsoft overbids for Yahoo
Microsoft CEO Steve Ballmer
The headlines seem so quaint now: Microsoft makes a $44.6 billion play for Yahoo in yet another bid to catch up to Google. The $31-per-share offer represents a 61% premium over Yahoo's price at the time of the February overture.

Microsoft's strategy makes some sense, but CEO Steve Ballmer fails to anticipate Yahoo chief Jerry Yang's intransigence, which ultimately scuttles any chance of a deal. Nor does Ballmer foresee the economic crisis that, by year end, is dragging down the tech sector. With Yahoo shares trading at $12 apiece, the company is now worth $17 billion. Ballmer, however, gets the last laugh: by year end, he's still calling the shots at Microsoft. At Yahoo, Yang isn't. -- By Adam Lashinsky, Fortune editor at large

What do you think was the year's Dumbest Moment in Business?Join the discussion now.

NEXT: Yahoo turns down payday
Last updated December 31 2008: 10:36 AM ET
More Dumbest Moments
Lamest roadtrip ever
Lamest roadtrip ever
The Big 3 CEOs' drive from Detroit to D.C. to request a bailout was classic. More video
How to lose an election
How to lose an election
John McCain's statements about the economy may have killed his campaign. Morevideo
The ballooning bailout
The ballooning bailout
Expanding from three pages to 451, the TARP bill was loaded with pork, eventually resulting in a flip-flop by Paulson. Morevideo
Contact Us Closed Captioning Manage Cookies+ Site Map

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.