Microsoft just announced what has been rumored forever: a formal offer for Yahoo. Microsoft's proposal to Yahoo's board of directors represents $31 per share (a 62% premium over yesterday's closing price) or about $44.6 Billion. Steve Ballmer, CEO and big fan of developers, says, "We have great respect for Yahoo!, and together we can offer an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market."

Full story: engadget.com