Yahoo shareholders are so angry about the company's failure to cut a deal with Microsoft, that several said they would consider a proxy fight to oust CEO Jerry Yang along with Yahoo's entire board of directors—if it would bring Microsoft back to the table, according to a new report in the LA Times.

"People have talked about it, but nobody I know of has actually committed to doing it," one major shareholder said in the article. "It's daunting to pull it off in such a limited amount of time. And you don't know if Microsoft will be there."

The report said that on several large Yahoo shareholders have "burned up the phone lines" in a campaign to persuade Yahoo's independent board members to reconsider Microsoft's offer—and they also made overtures to Microsoft, which withdrew its sweetened $47.5-billion offer over the weekend.