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Microsoft clicks 'buy', spends $486M for shopping site
In a move that's left some observers scratching their heads, Microsoft has acquired a German comparison shopping site, Ciao for US$486 million in cash.
Ciao, which is owned by Wilton, Conn.-based Greenfield Online, provides consumer reviews and ratings as well as comparative prices from e-commerce companies. Ciao gets more than 26 million unique visitors per month and has also generated more than 5 million product reviews.
The transaction is expected to close some time in the fourth quarter.
Greenfield shareholders will get $17.50 per share, according to a Microsoft statement. That's 1.4% higher than where Greenfield's shares closed on Thursday. It's also 32% higher than a previous acquisition offer from Quadrangle Group, which had offered to buy Greenfield for $15.50 per share. Greenfield ended its dealings with Quadrangle on 26 August to go after other offers.
