November 3, 2003

Internet search leader Google has rejected a takeover bid from Microsoft in favour of selling its shares directly to the public, The New York Times reported on Friday.

The bid by Microsoft for the privately held company was termed a merger and underscored the huge value attached to Google, which was founded just five years ago by two Stanford graduates, Sergey Brin and Larry Page.

They and other senior executives have in recent weeks been interviewing investment banks with a view to taking the company public at a valuation between $US15 billion ($A21.36 billion) and $US25 billion ($A35.6 billion).

According to The New York Times, Google wishes to sell only about $US2 billion ($A2.85 billion) worth of shares to the public to fund expansion and reward company workers and early investors.

Source: SMH.com.au

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