Security News > 2020 > September > TikTok Rejects Microsoft Offer, Oracle Sole Remaining Bidder
American tech giant Microsoft said Sunday its offer to buy TikTok was rejected, leaving Oracle as the sole remaining bidder ahead of the imminent deadline for the Chinese-owned video app to sell or shut down its US operations.
The Wall Street Journal and The New York Times reported that Oracle had won the bidding war, citing people familiar with the deal, although the company did not immediately confirm that to AFP. But two Chinese state media outlets - CGTN and China News Service - said Monday that ByteDance will not sell TikTok to Oracle either, citing unnamed sources.
Microsoft had indicated at the beginning of August that it was interested in acquiring TikTok's US operations, but announced Sunday that bid had been rejected.
"We believe Microsoft would only buy TikTok WITH its core algorithm which the Chinese government and ByteDance was not willing to budge," Wedbush analyst Daniel Ives said in a note.
Ives said that even with Microsoft out of the picture, "While Oracle is technically the remaining bidder, without willing to sell its core algorithm we see no TikTok sale on the horizon."