Sizing up Microsoft and Yahoo: Did anybody win?

Microsoft gave up its effort to acquire Yahoo because the software company decided it wasn't worth the cost and potential negative publicity involved with a proxy fight -- either that or Microsoft figured it couldn't win in a proxy fight. It is likely that Microsoft will increase the pressure on the U.S. Department of Justice to investigate the proposed advertising joint venture between Yahoo and Google. Microsoft's initial strategy was to overbid its offer so the company could close the deal with Yahoo quickly. But Microsoft didn't leave Yahoo's board with an option that allowed it to exit the process looking like it had negotiated strongly.
http://www.infoworld.com/article/08/05/05/Sizing-up-Microsoft-and-Yahoo-Did-anybody-win_1.html