Friday, February 01, 2008
Big Brother wants to buy the other Big Brother
Technology giant, Microsoft Corporation, has offered to acquire Internet media company Yahoo for 44-point-six billion U.S. dollars in cash and stock. Microsoft says it has offered to buy Yahoo for 31-U.S. dollar per share, which it says represents a 62-percent premium above the company's closing stock price on Nasdaq. Microsoft Chief Executive, Steve Ballmer, says Microsoft has identified four areas that will generate at least one-billion U.S. dollars in annual synergies for the combined entity. Yahoo shares rose 56-percent to 29-dollars-95 cents in premarket trading today, following the announcement. U.S. stock index futures also jumped after the news was released.