Unbelievable. The AP is reporting that Microsoft are making an offer for Yahoo that values it at $44.6B or $31 a share. This story is going to be huge and makes the FAST acquisition look all the more interesting. According to MSFT the deal would create a “more efficient” company with total annual synergies of $1 billion, driven by audience critical mass, increased value for advertisers and operational efficiencies. They also said that it’s already developed a plan to involve both companies’ employees in the integration and would offer significant retention packages to Yahoo engineers and key leaders. Initial Coverage at USA Today and the BBC Expect the blogosphere to go crazy over this one - it hasn’t hit Techmeme yet but it won’t be long.