One of the biggest news of 2008. IT giant Microsoft Corporation on Friday announced that it was planning to acquire all the outstanding shares of Yahoo! common stock for per share consideration of $31 representing a total equity value of approximately $44.6 billion.
The offer, contained in a letter to Yahoo's board, is 62% above Yahoo's closing share price on Thursday. Yahoo cut its revenue forecasts earlier this week and said it would have to spend an additional $300m this year trying to revive the company.
It has been struggling in recent years to compete with Google, which has also been a competitor to Microsoft.