From Yahoo.com:

It’s also true that the Angels – and there are people close to Teixeira who swear that his first choice was to go back to Anaheim – were also told explicitly what it would take to get Teixeira to sign off on a deal. The Angels were told, after the Boston meeting, that another team had offered option years. The Angels appeared interested – the Boras camp spoke with Angels officials during the team’s annual Christmas party, and Teixeira indicated a desire to meet again with Angels owner Arte Moreno.

But the next morning, Boras received a message from Moreno that the Angels, who had offered Teixeira eight years at $160 million, were pulling out.

"It’s a dirty process," Moreno told Boras, according to multiple sources. "No player is worth more than $160 million."

The Teixeira camp was confounded and dismayed that Moreno was unwilling to engage in the give-and-take typical of negotiations. Teixeira, they believed, could have vaulted the Angels back into the World Series; the Angels had turned their backs, they thought, on a franchise-changing player.

"I don’t know," Boras said Tuesday when asked why the Angels withdrew. "I’m not sure. I was traveling, and when I got home I received a message from Arte. I don’t know the reasons behind it."