Technology giant Microsoft said on Friday that it had offered to acquire internet media company Yahoo! for $44,6-billion in cash and stock.
Microsoft said it had offered to buy Yahoo! for $31 per share, which it said represented a 62% premium above the company’s closing stock price on Nasdaq on Thursday.
”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,” Microsoft chief executive Steve Ballmer said in a statement.
Yahoo! was not immediately available for comment.
Microsoft said it had identified four areas that would generate at least $1-billion in annual synergies for the combined entity.
Yahoo! shares rose 56% to $29,95 in premarket trading on Friday following the announcement. United States stock index futures also jumped after the news was released. – Reuters