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NEW YORK (CNNMoney.com) -- Microsoft made an unsolicited $44.6 billion cash and stock bid for Internet portal Yahoo Friday.

The deal would pay Yahoo shareholders $31 a share, which represents a 62% premium from Thursday's closing price.

Microsoft's statement said the offer allows Yahoo (YHOO, Fortune 500) shareholders to elect to receive cash or a fixed number of shares of Microsoft (MSFT, Fortune 500) common stock, with the software giant's offer consisting of one-half cash and one-half Microsoft common stock.

Both Microsoft and Yahoo have fallen far behind rival Google (GOOG, Fortune 500) in the lucrative field of Internet search. Yahoo shares have lost about 30% of their value in the last 12 months, while Google shares gained ground.

http://money.cnn.com/2008/02/01/tech...ion=2008020106

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