Microsoft Corporation, a software giant, but stagnating somewhat during the last years, has informed about its bid to LinkedIn in an official press release (click here to see the full announcement). According to the official information, the amount should be $26.2 billion bid.
The agreement will provide LinkedIn the possibility to keep its distinct brand, culture and independence. Jeff Weiner will still be the CEO of LinkedIn, alebit reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, Chairman of the Board of Directors, co-founder and controlling shareholder of LinkedIn, and Weiner both showed support for this transaction. The transaction should be executed by the end of this year.
LinkedIn is well-known for being a significantly popular social media for business connections and HR recruitment, as well as a source of business news. Microsoft sees this opportunity to gain such an important place for people to handle business there and looking for any particular industry news or job opportunities.
Microsoft’s Nadella stated:
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals. Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”
Microsoft is pretty simple in its bid. The software giant is offering $196 in cash for each LinkedIn share.
On Monday, following the news, LinkedIn shares closed above $192.21, jumping 46%, close to the price offered by Microsoft.
You can see the video of both CEO’s speaking about the transaction here.
Weiner added to the transaction:
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”
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