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Microsoft Places Bid To Buy Yahoo!

News hit today that Microsoft is making a play to buy Yahoo Inc. for $44.6 billion in cash and stocks. The unsolicited bid, in the words of Microsoft CEO Steve Ballmer, would make the firm a "comfortable" #2 next to leader Google. The deal works out to $31 per share, which is 62% greater than Yahoo's current stock price.

In THE HOLLYWOOD REPORTER, a Yahoo spokesman was quoted as saying that the company's board would "evaluate this proposal carefully and promptly in the context of Yahoo's strategic plans and pursue the best course of action to maximize long-term value for shareholders."

Yahoo has been struggling of late, with its stock price reaching a four-year low recently. Just this week, the Internet icon announced that it was laying off more than 1,000 employees, which is about 7% of its workforce.

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