Yahoo may not be out of the water yet, with the news that activist investor Carl Icahn has bought 50-million shares in the Web company and may be aiming to challenge the board with a proxy fight. 

The deadline for board nominations is tomorrow (Thursday) and Icahn is expected to make his intentions known later today. The shareholders meeting is to take place on 3 July.
Insiders say Icahn is planning to challenge at least some of the 10 people currently on the board, with the aim of making it more amenable to re-opening negotiations with Microsoft.
Shareholders seem to be supporting the idea: since news broke of Icahn's involvement, Yahoo's shares went up about 5%.
There's no guarantee Microsoft will return to the negotiating table, having been the party that called off talks.
Icahn was instrumental in ensuring that the Oracle takeover of BEA Systems went through.