Yahoo has put back it's AGM with shareholders. The change in date has yet to be determined, but is expected to be sometime in late July. This is the second time Yahoo have delayed filing with the SEC in order to explore options outside the the Microsoft bid.

Carl Icahn, the financial titan, is attempting to infiltrate Yahoo's board of directors to remove the decision making power away from Jerry Yang and David Filo. He had nominated a list of potential candidates and last Thursday two more unidentified shareholders nominated themselves, according to a company statement. This came on the same day that the former Cisco Systems executive, Arthur Kozel, tendered his resignation leaving the board with nine members.

My guess is that this will give Yahoo enough time to settle on a deal that Icahn will accept and Microsoft and the shareholders will finally get what they want.

A Yahoo deal with search leader Google, while more appealing to Yang and his Sunnyvale based company, would run into all sorts of Anti-trust issues that could be problematic. While a two week trial between Yahoo and Google's technology last month was reportedly very successful, the legal obstacles may just be too much for a Yahgoogle merger.

If Microsoft opt to just buy Yahoo's search technology they themselves could be subject to anti-trust investigations which could potentially leave Ballmer with egg on his face. Either way, this Summer's Battle of the Giants is beginning to heat up.