Microsoft Corp. (MSFT) offers to buy Yahoo Inc. (YHOO) for $44.6 billion, a move designed to create a more credible competitor to industry leader Google Inc. (GOOG) and deepen Microsoft's position in the market for online business software.
The hostile approach, outlined by Microsoft Chief Executive Steve Ballmer in a letter sent Thursday night to Yahoo's board and published Friday, is aimed at pressing Yahoo to agree to a combination it rejected a year ago.
The offer, for $31 a share in cash and stock, represents a 62% premium to Yahoo's closing price Thursday. It comes offer comes as Yahoo continues to struggle against Google in the race for online-advertising revenue and Internet-search market share despite efforts to upgrade its systems. Yahoo's shares have lost about 40% of their value over the past three months.
I think we called this one on Monday....
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment