【正文】
nificant Capital Costs Driving Consolidation ADVERTISERS Attract publishers into work INVENTORY Attracts advertisers to the work EXPANDED Ramp。D CAPACITY OPERATIONAL EFFICIENCIES EMERGING USER EXPERIENCES New era of innovation Complementary engineering assets New munity and social platform opportunities Open platform for Web services OFFER $ Billion $31 per share ? $31 cash, or ? of Microsoft share ? Shareholder election subject to 50/50 proration Targeted to close in 2nd half of CY’08 OFFER 62% premium to Yahoo! Closing Price on 1/31/08 100% premium on underlying operating assets $1 billion in synergies Microsoft EPS impact breakeven or better in second full fiscal year post closing* * Excluding purchase accounting and one time costs