September 21, 2020

Microsoft announced that Bytedance has rejected its acquisition of TikTok’s U.S. business acquisition

2 min read

A few months ago, the U.S. government claimed that TikTok was stealing privacy, and then the U.S. government required the app to be sold or withdrawn from the U.S. market within a limited time.

The loss will be very serious if you completely withdraw from the US market, so Bytedance contacted companies such as Microsoft and Oracle to sell the business to US companies.

The first non-binding tender offer was Microsoft. Microsoft has the idea to acquire TikTok’s US business and then continue to expand its consumer entertainment business.

But now Microsoft has issued a formal statement saying that Bytedance rejected its offer, so Microsoft’s acquisition of TikTok has been completely terminated.

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In its official statement, Microsoft stated that Bytedance has notified the company that it will not sell TikTok of its US market business to Microsoft.

Microsoft said the company firmly believes that its proposal will benefit users of TikTok and also safeguard US national security interests. Of course, this requires major changes.

Microsoft originally hoped to make major changes after the completion of the acquisition to ensure that the business meets the highest standards of security, privacy, online security, and combating false information.

According to Microsoft, Bytedance refused because of price issues, but Microsoft did not disclose the specific price, and external rumors are only vaguely between US$10 and US$30 billion.

Bytedance officials have not yet responded to this matter, so it is not clear whether there are other issues besides the price.

Via: businessinsider