Official press release is here: Microsoft Proposes Acquisition of Yahoo! for $31 per Share

CNN’s coverage can be found here.

I noticed two blog posts about it so far and I’m sure there will be a mass following later today:

Search Engine Land’s Microsoft/Yahoo! bid Coverage and their live blogging Coverage of the Press Conference Call

the Clix Marketing blog Suggestion to Microsoft to use Panama - I second this recommendation!

And I already see almost 10 duplicate stories on Sphinn but I recommend the SEL one:

http://sphinn.com/story/26308

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