Microsoft said it has made a cash-and-stock offer to buy Yahoo for $31 a share, in a deal valuing the company at $44.6 billion.
"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 Microsoft Chief Executive Steve Ballmer. "We believe our combination will deliver superior value to our respective shareholders and better choice and innovation to our customers and industry partners."
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