New York, Feb 1 (DPA) US software giant Microsoft said Friday it plans to buy Internet firm Yahoo!. The offer of $31 per share values Yahoo! at $44.6 billion, and represents a 62-percent premium on the company’s Thursday closing price.
Microsoft and Yahoo! have been unable to catch up with market leader Google in the booming internet advertising and search engine business.
Tuesday, Yahoo! published another slump in earnings and announced the lay-off of around 1,000 employees.
The sale is to be finalized in the second half of the year, with Microsoft saying it expects cost savings of at least $1 billion.
Microsoft said Yahoo! shareholders could have a choice between a cash payment and Microsoft shares.
SUPPORT TWOCIRCLES
HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE