THE NEWS WRAP: Microsoft set to unveil $2.5 billion bid for Minecraft developer

Microsoft will unveil a $2.5 billion bid to buy Mojang, the Swedish developer of Minecraft, Monday morning US time, sources have told Reuters.

Minecraft has over 100 million players and the deal is aimed at pulling users onto Microsoft’s mobile platform, as opposed to its PC systems, or Xbox console.

Minecraft is the top paid app on both the iOS and Android. After launching five years ago on PC, about 40% of copies are now downloaded onto phones and tablets.

Product Hunt raises $6 million

Aggregations site Product Hunt, which helps surface new tech products and startups, has raised $6 million in Series A funding, TechCrunch reports.

According to the report, the round was led by Andreessen Horowitz at a valuation of $22 million although sources were unsure whether that valuation was pre or post money.

The startup raised $1 million in seed funding in August.

Before $100 million raise, Square was in talks with Apple

Mobile payments platform Square has raised another $100 million in capital, according to a filing obtained by VCExperts, TechCrunch reports.

Multiple sources have told TechCrunch that Square and Apple were in acquisition talks recently, but Square walked away, the sticking point being price – Apple wanted to buy Square for less than half of the $6 billion valuation it would eventually raise at.

Overnight

The Dow Jones Industrial Average is down 61.49 to 16,987.51. The Australian dollar is currently trading at US90 cents.