Will an investor force Yahoo/Microsoft together?

UPDATED 5/16: Yahoo's board has responded to Icahn's open letter. Nothing earthshattering in the response. They say that Icahn's statements indicate that he doesn't understand the facts in Yahoo's negotiation with Microsoft. They say that Yahoo's board knows best. They say -- oh, and by the way, there doesn't happen to be an offer from Microsoft on the table anymore. Will Microsoft come back if Icahn wins? What are the odds that Yahoo's shareholders will vote to keep the current board? There was a time when, if you were rooting for the underdog, you were rooting for Yahoo's ability to fend off Microsoft. Who are you rooting for now?

UPDATED 5/15: Icahn has sent open letter to Yahoo's board saying that he is launching a hostile takeover and naming his proposed slate of new board member. His success rate on hostile takeovers is very good, by the way, meaning Jerry Yang probably won't be getting a good night's rest anytime soon. An IDG News Service story reports: "Icahn said it is 'unconscionable' that Yahoo's board didn't allow shareholders the option to accept Microsoft's latest offer, which he pointed out represented a 72 percent premium over the closing price of Yahoo's stock -- $19.18 per share -- on the day before the initial Microsoft offer." Icahn's slate includes himself, Adam Dell, brother of Dell Inc. chief executive Michael Dell, and Dallas Mavericks owner Mark Cuban, reports the San Jose Business Journal. For a full list click here.

Now, will Microsoft come back to the negotiating table and if so, what price would Microsoft offer for a company that is being handed over on a hostile silver platter?

UPDATED 5/14: Carl Icahn has indeed decided to step in and start a proxy war to make the acquisition of Yahoo by Microsoft happen, the Wall Street Journal reported Wednesday evening in a story citing unnamed sources. Icahn, who acquired about 50 million Yahoo shares this month, will nominate an alternate slate of 10 directors for election at the company's annual meeting in July. Yahoo has set a Thursday deadline for submitting alternate nominees.

FROM 5/13: Billionaire investor Carl Icahn is reportedly thinking of starting a fight ... a proxy fight. He may try and launch one against Yahoo's current board members in order to force the company back to the negotiating table with Microsoft, the Wall Street Journal reports. Icahn has bought up as many as 50 million Yahoo shares since Microsoft walked away from the deal, the Journal said. READ MORE.

Of course, Microsoft seems to have moved on from being spurned and to be toying with Facebook instead.

Stay tuned for more Days of our Microsoft Lives ...

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