Microsoft announced a $26.2 billion deal on Monday to acquire professional social platform LinkedIn for $196 per share as reported by CNBC.
The offer of $196 per share represents a premium of 49.5 per cent to LinkedIn's Friday closing price.
LinkedIn's shares were jumped 48 per cent to $194.28 before the opening bell on Monday. Microsoft's shares were down 3.3 percent.
"Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement.
Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella.
.@Microsoft & @LinkedIn: world's leading professional cloud + world's leading professional network https://t.co/63V90F77Wj— Satya Nadella (@satyanadella) June 13, 2016