Microsoft To Drop $1.2B On Social Networking Co.: Report

Law360, New York (June 15, 2012, 5:17 PM ET) -- Web-based social networking company Yammer Inc. has agreed to be picked up by Microsoft Corp. for $1.2 billion, according to a Friday report.

The deal for the social networking service for businesses would help the software giant better cover service gaps in its signature Office product, according to a report by the Wall Street Journal. The companies, however, declined to confirm the merger talk.

"We do not comment on rumors or speculation," spokespeople for both Microsoft and Yammer told Law360 on Friday.

While the companies declined...
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