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Yahoo has seen many ups and downs in the past weeks. After Carl Icahn launched a proxy campaign against the search engine company last week, it seems that Yahoo gets a chance to get back up again:

Reuters reports that Microsoft has proposed an alternative deal to Yahoo. Apparently, MSFT is not interested in a full acquisition of YHOO anymore, but there might be other ways to work together. Many believe a search advertising joint venture to be a likely alternative, because both companies are looking to gain on market leader Google. At least, a partnership could help Yahoo fight off Icahn’s proxy battle.

However, Reuters quotes an anonymous source saying that the announcement of a possible Microsoft/Yahoo partnership could possibly provoke quite a contrary reaction:

The software giant’s move on Sunday was likely to prompt the billionaire investor to press Yahoo to further pursue a possible alliance with Google (GOOG.O: Quote, Profile, Research), the source said.

“Microsoft is trying to get the milk without buying the cow, and if you look at Icahn’s history, he has never been used that way,” said this person. “He does not want to see Yahoo pushed into some joint venture with Microsoft and is not going to be used to push Yahoo into it.”

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