Google Rebuffs Microsoft Takeover Bid
Google rebuffs Microsoft
Internet search leader Google has rejected a takeover bid from Microsoft in favour of selling its shares directly to the public, The New York Times has reported.
Microsoft’s bid for the privately held company was termed a merger and underscored the huge value attached to Google, which was founded just five years ago by two Stanford University graduates, Sergey Brin and Larry Page.
They and other senior executives have in recent weeks been interviewing investment banks with a view to taking the company public at a valuation of $US15 billion to $US25 billion ($21 billion to $36 billion).
According to The New York Times, Google wishes to sell only about $US2 billion worth of shares to the public.
The company wants to fund expansion and reward company workers and early investors.