"Microsoft valued its unsolicited offer at $31 per share in cash or stock, a 63 per cent premium based on Yahoo’s closing price on Thursday. Shares in Yahoo surged 58.5 per cent to $20.10 in pre-market trade."
One thing for sure, integrating the properties will be the mother of all mashups.
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Given how long it took MS to get Hotmail off of BSD, I doubt anything will happen quickly - but then, does anything happen quickly over in Seattle?
Redmond would be more accurate than Seattle.