News - Friday, February 1, 2008 8:01 - 0 Comments

Microsoft bids $45 billion for Yahoo

NEW YORK (CNNMoney.com) — 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.

Full story from CNNMoney