(CNN) — Technology giant Microsoft said Friday it had offered to buy Internet search engine operator Yahoo with a cash and stock bid worth $44.6 billion.

In a statement, Microsoft CEO Steve Ballmer said the offer would enable both companies to “compete in the online services market” and would mean “better choice and innovation” for customers and industry partners.

The $31-a -share offer represents a 62 percent premium for shareholders above the closing price of Yahoo stock on Thursday, Microsoft said.

How about Google?? They have strong strategy!!