Yahoo! and Microsoft issued statements today that they are talking again. The talks are not about putting the bid on the table again, but about a mysterious "transaction".

Microsoft describes this new deal as follows: "Microsoft is considering and has raised with Yahoo! an alternative that would involve a transaction with Yahoo! but not an acquisition of all of Yahoo! Microsoft is not proposing to make a new bid to acquire all of Yahoo! at this time, but reserves the right to reconsider that alternative depending on future developments and discussions that may take place with Yahoo! or discussions with shareholders of Yahoo! or Microsoft or with other third parties."

Yahoo finds a bit different words for what the companies talk about now: "Yahoo! has confirmed with Microsoft that it is not interested in pursuing an acquisition of all of Yahoo! at this time. Yahoo! and its Board of Directors continue to consider a number of value maximizing strategic alternatives for Yahoo!, and we remain open to pursuing any transaction which is in the best interest of our stockholders."

What can Yahoo sell, without disappearing into obscurity? What partial sale could be maximizing Yahoo stockholder value? What is Microsoft interested in? I hope these questions will be answered this week.

Sources: Microsoft statement, Yahoo statement.
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