Microsoft: Norwegian would

Microsoft have lodged a USD$1.2bn bid for Norwegian search company Fast Search & Transfer, which focuses on providing search technology to businesses.

The offer is at a huge (42%) premium to the company's last traded share price, and unsurprisingly the board are recommending that shareholders accept the offer - which is subject to regulatory approval as well as the rubber-stamping from the shareholders.

In a statement Fast Search & Transfer said:

"Fast's board of directors has unanimously recommended that its shareholders accept the offer.

This offer represents a 42 percent premium to the closing price on January 4 (the last trading day prior to this announcement) and values the fully diluted equity of Fast at 6.6 billion Norwegian crowns or approximately $1.2 billion."

Microsoft expect the deal to complete in the second quarter of 2008. In a statement, the head of their business division Jeff Raikes said:

"Enterprise search is becoming an indispensable tool to businesses of all sizes, helping people to find, use, and share critical business information quickly.

The combination of Microsoft and Fast gives customers a new choice: a single vendor with solutions that span the full range of customer needs."