Microsoft’s Chief Executive Steve Ballmer said Wednesday that his company’s $44 billion offer for Yahoo reflects Yahoo’s worth and Microsoft has no plan to raise it.

“We know what Yahoo’s worth. $44 billion is a lot of money,” Ballmer said at a conference in Milan.

Ballmer said Microsoft is “prepared to move forward alone without Yahoo” if the bid doesn’t succeed.

The cash and stock bid, valued at $44.6 billion, or $31 per share, when it was first made, is now worth about $43 billion, or $29.88 per share.