There have long been rumors that computing giant Microsoft tried to acquire Facebook for an undisclosed sum. Sitting in on the "How To Get Acquired" panel at Le Web, TechCrunch's Alexia Tsotsis notes that Microsoft executive Fritz Lanman has just confirmed the rumor.

"Yeah we tried to acquire Facebook" Lanman responded to Le Web founder Le Meur, Facebook had a lot of similarities to Microsoft back in the day."

Lanman explained the motivation behind the acquisition efforts and why they eventually led to a deal instead. Facebook did not want to sell.

Lanman also theorized that Facebook's valuation could one day be as high as Microsoft.

Read the full story at TechCrunch.