From the press release entitled Microsoft Proposes Acquisition of Yahoo! for $31 per Share we learn

REDMOND, Wash. — Feb. 1, 2008 — Microsoft Corp. (NASDAQ:MSFT) today announced that it has made a proposal to the Yahoo! Inc. (NASDAQ:YHOO) Board of Directors 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. Microsoft’s proposal would allow the Yahoo! shareholders to elect to receive cash or a fixed number of shares of Microsoft common stock, with the total consideration payable to Yahoo! shareholders consisting of one-half cash and one-half Microsoft common stock. The offer represents a 62 percent premium above the closing price of Yahoo! common stock on Jan. 31, 2008.

“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,” said Steve Ballmer, chief executive officer of Microsoft. “We believe our combination will deliver superior value to our respective shareholders and better choice and innovation to our customers and industry partners.”

“Our lives, our businesses, and even our society have been progressively transformed by the Web, and Yahoo! has played a pioneering role by building compelling, high-scale services and infrastructure,” said Ray Ozzie, chief software architect at Microsoft. “The combination of these two great teams would enable us to jointly deliver a broad range of new experiences to our customers that neither of us would have achieved on our own.”

WOW. Just...wow.

There's a conference call with Ray Ozzie, Steve Ballmer, Chris Liddell and Kevin Johnson in about half an hour to discuss this. This is the first time I've considered listening in on one of those.


 

Friday, 01 February 2008 17:39:20 (GMT Standard Time, UTC+00:00)
I seldom listen to these conference calls, but didn't want to miss this one.

Ray Ozzie didn't sound all that enthusiastic about the pending acquisition. However, it might be that he wasn't fully awake. I wasn't.

--rj
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