Transaction valued at approximately $44.6 billion in cash and stock; provides 62 percent premium to current trading price for Yahoo! shareholders; combined entity to create a more competitive company, providing superior value to shareholders, better choice and innovation for customers and partners.

When it comes to being open, Yahoo is saying, "Me too!"

The latest buzz among Internet companies is to have an "open" platform, one which can incorporate widgets and other software applications from outside developers.

Thus, Facebook opened up its Web site last year and has seen a flood of applications since. LinkedIn recently followed in Facebook's footsteps. Meanwhile, Google is touting Android, it's new - and open! - platform for mobile phones.