Yahoo’s  board has just given nod to Yahoo’s CEO Marissa Mayer’s plans to acquire publishing platform Tumblr for $1.1 billion on Sunday according to reports by AllthingsD. Tumblr acquisition  will be Yahoos biggest acquisition and the fourth biggest overall.

As first reported by AllthingsD  last week, Yahoo is all set to buy out Tumblr, and the amount of cash to change hands was first rumored to be $1 billion, and then slowly crept up to $1.1 billion. Some reports have suggested that internally the executives at the blogging company see this price as too low and may reject the buyout offer. Just because Yahoo has approved the offer does not mean that Tumblr must accept it.