VOA常速英语2008年-Microsoft Makes $44.6 Billion Offer for Yahoo

By Mike O'Sullivan
Los Angeles
01 February 2008

Microsoft has offered to pay nearly $45 billion to buy Yahoo, the Internet search engine.  Mike O'Sullivan reports, the software giant's bid is a challenge to Google, which dominates the online advertising¹ market.

Microsoft made a surprise offer of $31 a share for Yahoo stock late Thursday, and Microsoft Chief Executive Steve Ballmer said during a conference call with reporters Friday the potential alliance would help web users, advertisers, and the owners of online websites.

"When you combine the strengths of our two companies, the result will be an incredibly efficient and competitive offering for consumers, for advertisers, and for publishers," he said.

Yahoo said in a statement it will study Microsoft's bid carefully and promptly².

Microsoft says the online advertising market has annual revenues of $40 billion, and it expects the market to nearly double in three years.  Industry monitor Comscore says Google has more than 60 percent of the Internet search market, and nearly five times the share of second-ranked search site Yahoo.

Yahoo's stock reached a four-year low this week, and the Microsoft offer is 60 percent higher than Yahoo's closing price on Thursday. 

An earlier offer by Microsoft was rejected by former Yahoo chief executive Terry Semel, who left last year under shareholder³ pressure.  Yahoo co-founder Jerry Yang stepped in as CEO in June.

Jon Fisher, a portfolio⁴ manager at Fifth Third Asset Management, questions the wisdom of the offer, saying Microsoft is paying full price for a broken business.  He notes that this is Microsoft's biggest acquisition, and says the company usually buys innovative⁵ small firms that serve a specialized⁶ market. 

"This is not typical of the types of acquisitions that Microsoft has done over the last 15 or 20 years," he explained.  "So I question their ability to integrate such a large business.  Two, they do not typically buy broken businesses.

Microsoft chief Ballmer says his company is determined⁷ to bring the two tech giants together.

"We've thought, and I've personally thought, long and hard about, and we're very, very confident is a right path for Microsoft and for Yahoo," he added.

The deal will cost Microsoft $44.6 billion in cash and stock.   

A Justice Department spokeswoman told the Associated Press the department's anti-trust division will be interested in looking at the competitive effects of the proposed acquisition.

1 advertising   

n.广告业；广告活动 a.广告的；广告业务的

参考例句：

• Can you give me any advice on getting into advertising? 你能指点我如何涉足广告业吗?
• The advertising campaign is aimed primarily at young people. 这个广告宣传运动主要是针对年轻人的。

2 promptly   

adv.及时地，敏捷地

参考例句：

• He paid the money back promptly.他立即还了钱。
• She promptly seized the opportunity his absence gave her.她立即抓住了因他不在场给她创造的机会。

3 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

4 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

5 innovative   

adj.革新的，新颖的，富有革新精神的

参考例句：

• Discover an innovative way of marketing.发现一个创新的营销方式。
• He was one of the most creative and innovative engineers of his generation.他是他那代人当中最富创造性与革新精神的工程师之一。

6 specialized   

adj.专门的，专业化的

参考例句：

• There are many specialized agencies in the United Nations.联合国有许多专门机构。
• These tools are very specialized.这些是专用工具。

7 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。