Microsoft Bids For Yahoo
Software giant Microsoft (NYSE: MSFT) announced it has made an unsolicited offer to acquire internet company Yahoo (NASDAQ: YHOO) for nearly $31 a share. This represents a 62% premium to the closing share price of Yahoo on Thursday, January 31, 2008. The purchase price would be $44-$46 billion dollars, and would involve no financing. Yahoo stock soared in pre-market trading immediately when the takeover bid was announced this morning, from its previous close of $19.05 to more than $29 a share. The action, fueled by buyers who were trying to pick up a quick profit on the premium which was…