Microsoft offers $44.6bn for Yahoo

Microsoft Corp, the software giant, said on Friday it had offered to acquire Internet media company Yahoo Inc in a proposed cash and stock deal valued at $44.6bn.

Microsoft said it had offered to buy Yahoo for $31 per share, which it said represented a 62 percent premium above the company's closing stock price on Nasdaq Thursday.

US stock index futures jumped on Friday, with Nasdaq futures reversing losses, after software company Microsoft Corp proposed an acquisition of Web media company Yahoo Inc.

S&P 500 futures were up 11 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were up 121 points. Nasdaq 100 futures were up 15 points.

S&P futures were up only about 3 points before the news, while Dow futures were up about 50 points and Nasdaq futures were lower.

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