Someone Still Wants What Yahoo!'s Got

The near term becomes more interesting, naturally, particularly regarding how Microsoft proceeds from here. Microsoft CEO Steve Ballmer has been adamant since early June that he's no longer interested in a full takeover of Yahoo!, preferring instead a search-advertising partnership -- the groundwork of which is still being laid, according to a weekend report by The Times of London.

It's conceivable that Yahoo! could do independent partial transactions with both Miller and Microsoft that don't involve a complete sale of Yahoo!.

But if Miller raises his $30 billion to buy all of Yahoo!, does Microsoft watch what could be a key piece to its future Internet portfolio walk away without a fight? If Microsoft was willing to shell out $33 a share for Yahoo! seven months ago, it would be hard to believe it wouldn't take a hard look at offering $25.

Enjoy it, Yahoo!. You may have become a hot property again.