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With takeover activity around the world hitting stratospheric levels, Microsoft’s latest M&A enterprise must be up there among the most outlandish.

It has agreed to spend $6bn buying digital marketing company aQuantive, based locally in Seattle, Washington. Now $6bn is pretty much small change for Microsoft - indeed the software group said the deal is not expected to have a significant impact on the company’s financial guidance - but this is an 85% premium on Thursday’s close for aQuantive, which must raise some eyebrows. The shares closed at $35.87 on Thursday - compare that to the $66.50 a share in cash Microsoft has just tabled.

Consolidation in the online advertising space has been rather brisk recently, with Google snapping up DoubleClick for $3.1bn, Yahoo! buying Right Media and WPP grabbing 24/7 Real Media just this week. Indeed, as a result of the Google/DoubleClick love-in, people started to question where that leaves Microsoft and recent speculation has seen its name linked with that of Yahoo! as a result.

Maybe Friday’s transaction will go some way to answering those questions and Microsoft could have felt it necessary to table a knock-out bid for aQuantive to defend its position.

What premium would it offer for Yahoo! though?