Microsoft (NASDAQ: MSFT) proposed the acquisition of Yahoo (NASDAQ: YHOO) for $31 per share.
The transaction is valued at approximately $44.6 billion in cash and stock. MSFT's offer is payable in $31 cash or 0.9509 per share of MSFT.
MSFT is recently trading down 85c to $31.75 in pre-open trading.
MSFT overall option implied volatility of 27 is near its 26-week average of 26 according to Track Data, suggesting non-directional risk.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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