After rejecting Microsoft’s “undervalued” proposal, Yahoo is like a damsel in distress desperately hoping for its prince charming named News Corp. to rescue her from a looming hostile takeover.

According to a news article, the ever mysterious “person familiar with the situation” has confirmed that confidential details of this partnership are still in the works.

Then again, this might just be a contrived effort to force Microsoft to up the ante. As of today, the insensitive software giant stands by its “full and fair” bid. Or perhaps Yahoo is asking for a ridiculous bid simply because it doesn’t to sell to Microsoft. Take your pick.

Though News Corp’s Rupert Murdoch once mentioned that they are not interested in acquiring Yahoo, he remains open about a possible collaboration between this company and his social network site MySpace.com.

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