Software giant Microsoft said Friday it had made an unsolicited offer to buy Internet search engine operator Yahoo with a cash and stock bid worth $44.6 billion.

The $31-a-share offer represents a 62 percent premium for shareholders above the closing price of Yahoo stock on Thursday, Microsoft said in a statement.

The offer allows Yahoo shareholders to elect to receive cash or a fixed number of shares of Microsoft common stock with the total purchase consisting of half cash and half stock.

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