Yahoo’s deal-making machine continued to hum Wednesday, picking up Hungarian Web analytics company IndexTools.

The deal comes as investors’ attention remained riveted on Microsoft’s $31 per share takeover offer that Yahoo management has rejected as deficient.

Terms of the deal were not disclosed. In the two months since Microsoft went public with its $44.6 billion offer in February, Yahoo has  continued to make modest acquisitions like browser music add-on Foxy Tunes and online video advertising firm Maven Networks.

The deal for IndexTools, also known as Tensa Kft, is expected to close in the first half of 2008.

Meanwhile, The Wall Street Journal reported that Bill Miller, a Legg Mason mutual fund manager, said he would support Yahoo management’s campaign to remain independent unless Microsoft backed off its threats to cut its offer.

In a letter to Yahoo management, Microsoft Chief Executive Steve Ballmer also warned of a proxy battle unless Yahoo relents.

As of December 31, Legg Mason owned 6.9 percent of Yahoo’s outstanding shares, making it the largest institutional holder.