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Microsoft in $1.2bn Fast bid

Jan 08 2008 11:54 Print this article | Email article

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Stockholm - Microsoft said on Tuesday that it will make an offer to acquire Norwegian search software group Fast Search & Transfer for 6.6bn Norwegian kroner ($1.2bn), or 19 kroner per share.

The offer represents a 42% premium to the closing price on Friday, the last trading day prior to the announcement.

The firm said Fast's board of directors has unanimously recommended that its shareholders accept the offer. It added that shareholders representing 37% of the shares have irrevocably undertaken to accept the offer. The deal is expected to be completed in the second quarter of 2008.

Fast Search & Transfer ASA is a leading provider of enterprise search solutions.

Goldman Sachs International acts as financial advisor to Microsoft; Merrill Lynch International acts as financial advisor to Fast Search & Transfer.

- Dow Jones

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