And the saga continues. Microsoft Corp on Monday said it would be willing to reopen talks to buy all or part of Yahoo, Reuters reports, but only if a new Yahoo board is elected—which is exactly what investor Carl Icahn has been pushing for.

Microsoft, "which broke off talks in early May to buy the Internet company for $47.5 billion, said it would resume discussions immediately if a new board were elected at Yahoo's August 1 stockholder meeting," the report said.

The article also said that Icahn and Microsoft CEO Steve Ballmer have been chatting it up over the past week, something that hadn't really happened in earnest until now. Ballmer told Icahn that he feared the current Yahoo board would mismanage the company if Microsoft took them over.

"You don't have to be Sherlock Holmes to realize there is no great comfort zone between the current Yahoo board and Microsoft," said Icahn in the report. "During this waiting period for regulatory approval, any acquirer—not just Microsoft&mdashwould want a steward they would feel comfortable with."