The details are just coming in, but it looks like Barry Diller's IAC/InterActiveCorp is putting together a $2 billion acquisition bid for Ask Jeeves. The rationale for acquiring Ask Jeeves, the fourth-largest search engine company, is clear: "Advertising spending on search sites is rapidly growing and Mr. Diller's company appears to be trying to tap into a market dominated by Google and Yahoo."

The BBC notes that both the Wall Street Journal and New York Times are reporting that a formal announcement could take place as early as Monday.