In a letter to the company's board, the investment firm proposed a deal Wednesday in which Microsoft would acquire Yahoo's search engine and Yahoo would retain 80% of revenue generated by search queries on its own site.
Ivory proposed Microsoft pay $15 billion for the search platform. It says that would give Yahoo shareholders $24 to $29 per share, well above Yahoo's recent price.
Ivory owns about 1.5% of Yahoo.Talks between Microsoft and Yahoo about a possible buyout of all of Yahoo fell apart this summer.
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