Former AOL chief Jonathan Miller is reportedly trying to raise cash to buy Yahoo!, giving the search engine's beleaguered shares a shot in the arm late Tuesday.
Miller has been wooing private investors and sovereign-wealth funds "for months" in order to raise between $28bn and $30bn for the deal, according to The Wall Street Journal. He reportedly may make an offer worth between $20 and $22 a share for the company.
Yahoo! shares were up 7.08 per cent at $11.50 at Nasdaq's close.
The WSJ notes it's unclear where the talks presently stand. Several Yahoo! board members weren't even aware of Miller's efforts, suggesting the deal isn't exactly at the "heavy petting" stage of courtship.
Miller currently runs Velocity Interactive Group, a private equity firm. He was tapped for a seat on Yahoo!'s board in July as part of a settlement with bazillionare investor Carl Icahn, but bailed when Time Warner said it would enforce its non-compete agreement.
There's quite a bit of skepticism going round on the news as to whether Miller can raise the money in today's investment-shy economy.
In the meantime, rumors abound to who may snatch up Yahoo! after Microsoft's final rejection. Lately fingers have even been pointing to Nokia - although the company denied an interest in buying Yahoo! today. ®