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Microsoft bids nearly 50 billion dollars for YAHOO!

Posted on February 1, 2008
Filed Under bill gates, cnn, jerry yang, marketing, microsoft, news, search, stocks, yahoo | Comments Off

Microsoft Corp. made an unsolicited $44.6 billion cash and stock bid for Yahoo on Friday, a deal that could shake up the competitive and lucrative market for Internet search.

The deal would pay Yahoo shareholders $31 a share, which represents a 62% premium from where Yahoo stock closed on Thursday.

Steve Ballmer, Microsoft’s chief executive, called the move the “next major milestone” for the software giant.

“We are very, very confident this is the right path for Microsoft and for Yahoo,” he said.

Ballmer, saying that Microsoft has been in “off and on” talks with Yahoo for 18 months, said he called Yahoo CEO Jerry Yang Thursday night to tell him about the bid.

Microsoft made the bid early Friday. In a statement, the company said the offer allows Yahoo shareholders to elect to receive cash or a fixed number of shares of Microsoft common stock, with the software giant’s offer consisting of one-half cash and one-half Microsoft common stock.

Read more @ CNN.

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