Microsoft Offers $44.6 Billion in Bid to Acquire Yahoo
Microsoft Corp. made morning headlines with a $44.6 billion offer in cash and stock to buy beleaguered Internet icon Yahoo today.
“We have great respect for Yahoo, and together we can offer an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market,” says Steve Ballmer, Microsoft’s CEO. “We believe our combination will deliver superior value to our respective shareholders and better choice and innovation to our customers and industry partners.”
The offer of $31 per share helped lift Yahoo’s morning share price nearly 50 percent, and represents a 62-percent premium above Yahoo’s closing share price on Thursday.
The offer comes about a year after a Microsoft proposal to take over the company was rebuked by Yahoo’s board of directors.