Microsoft solidified its plans to purchase Fast Search & Transfer today with a $1.2 billion offer, roughly a 42% premium over the Norwegian enterprise search company's Friday closing price. The news drove Microsoft shares down today to $34.20, a 1.2% drop, while Fast shares rose nearly 41%, approaching Microsoft's offer price, Red Herring reports.
Two of Fast's major shareholders have approved the deal, and Microsoft is set to close in the second quarter, the Seattle Times reports. Microsoft has had its eye on Fast and other consumer search companies for some time. "The combination of Microsoft and Fast gives customers a new choice: a single vendor with solutions that span the full range of customer needs," a Microsoft statement read.