Microsoft offers to buy Yahoo for $44.6 billion

Microsoft Corp made a bid to buy Yahoo Inc for $44.6 billion in cash and stock, seeking to join forces against Google Inc in what would be the biggest Internet deal since the Time Warner-AOL merger. In its boldest-ever acquisition move, Microsoft sent a letter to Yahoo's board on Thursday night, offering $31 per share for the Internet media company, a 62 percent premium over its Nasdaq closing stock price that day. The price is still below Yahoo's year-high of $34.08 in late October. Yahoo said on Friday its board will evaluate the offer. Yahoo shares shot up 45.5 percent to $27.91.