Microsoft wants Yahoo for $44bn

Microsoft said on Friday it had offered to buy struggling internet firm Yahoo for $44.6bn in cash and stock.

Microsoft said it had proposed $31 per share to Yahoo's board of directors, "representing a total equity value of approximately $44.6bn," the statement said.

The offer represents a 62% premium above the closing price of Yahoo stock on Thursday, it said.

It said Yahoo shareholders could elect to receive cash or a fixed number of shares of Microsoft stock, with its total offer consisting of one-half cash and one-half stock.

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