Amazon + Yahoo?

Joe Wilcox from eWeek is reporting on some new dimensions to the Microsoft + Yahoo deal which has been much discussed lately:

Based on weekend reports, Yahoo's board is preparing to reject Microsoft's offer, calling it too low for the Internet company's real value. If this were poker, someone might say that Yahoo raised on a bluff. But I don't think so. Yahoo has made a risky play that exposes Microsoft's weak hand.

Joe goes on to say that the debt Microsoft would have to take on makes their hand in this deal very bad. And he goes on to repeat speculation that Amazon may be a better suitor.

While this is true, Yahoo seems ill-positioned to bluff - their own performance has been weak, and Amazon has not yet made an offer. Should they reject Microsoft's, and no bid from Amazon materializes, I would expect more than a few enraged shareholders.