Published in News
Microsoft buys Yahoo!
by Fudzilla staff on01 February 2008
Wants to compete with Google
Although not entirely unexpected, Microsoft has tendered an official offer for Yahoo! and it's not a bad offer, either; at US$31.00 per share. or the option to trade in one Yahoo! share for 0.9509 of a Microsoft share.
The offer was 62 percent higher than where Yahoo's stock was valued at closing time yesterday, which was U$19.18.
Microsoft needs a strong partner if they seriously want to compete against Google, and Yahoo! has the experience and possibly the skillset that Microsoft needs.
The deal still needs to go through the regulatory guidelines in the U.S. and both Boards of Directors need to approve, but these are only routine hurdles.
You can find the full press release here, including the letter from Steve Ballmer on behalf of Microsoft's Board of Directors to Yahoo's Board of Directors.