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Gates says: Not raising offer for Yahoo

Microsoft does not plan to increase its offer for Yahoo, according to Bill Gates, the AP reports. There are no private, behind-closed doors negotiations going on -- at least between Yahoo and Microsoft, he said. The AP story reports:

"We sent them a letter and said we think that's a fair offer. There's nothing that's gone on other than us stating that we think it's a fair offer," the Microsoft chairman said Monday. "They should take a hard look at it."

Microsoft Corp. made an unsolicited offer to buy Yahoo Inc. just over two weeks ago. At the time, the deal was valued at $44.6 billion, but since then, Microsoft's share price has tumbled 12.8 percent, pushing the value of the cash-and-stock offer closer to $41 billion.

Most of Yahoo's largest institutional investors also have holdings in Microsoft - bigger holdings, researchers say. So the pressure is on Microsoft to not overpay for Yahoo, even by Yahoo's major shareholders.

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