Microsoft Corp withdrew its $42.3 billion bid to buy Yahoo Inc on Saturday, scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader Google Inc.

The decision to walk away from the deal came after last-ditch efforts to negotiate a mutually acceptable sale price proved unsuccessful.

“Clearly a deal is not to be,” Ballmer wrote to Yang in a letter sent late Saturday.

Microsoft was willing to pay $47.5 billion, or $33 per share, up from the bid’s current value of $29.40 per share, according to Ballmer’s letter.

But Yahoo’s board demanded at least $53 billion, or $37 per share, according to Ballmer. That would have been nearly double Yahoo’s stock price of $19.18 at the time Microsoft first made its bid a little over three months ago.

But Yahoo hasn’t necessarily faded from Microsoft’s cross hairs.