Microsoft has offered to buy the search engine company Yahoo for $44.6bn (Ј22.4bn) in cash and shares.
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.
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"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," Microsoft chief executive Steve Ballmer said.
(BBC)
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