Microsoft announce Yahoo! purchase bid
Microsoft announced today (February 1st) that it has made a proposal to buy out Yahoo! Inc.
In a press release, the company confirmed that it has approached Yahoo! with an unsolicited bid of $44.6 billion.
As a result of this morning´s announcement, Yahoo´s share price has rocketed to $28.60 up from $9.42.
Steve Ballmer, chief executive officer of Microsoft, stated: "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."
Analysts believe that the proposal has been made in a bid to address Google´s monopoly of search and online advertising.
Bloomberg reported that Thomas Radinger, fund manager for Pioneer Investments, commented: "Microsoft is under massive pressure to expand its internet business to fend off competition from rivals such as Google and this deal shows how desperate they are."
There has been no official response to the proposal from Yahoo! as yet.
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