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In today’s episode of As the World… er, the Microsoft-Yahoo saga, Yahoo has called a breakup proposal from billionaire investor Carl Icahn and former suitor Microsoft Corp “smoke and mirrors,” according to Bloomberg.

The report said that the board is still open to a full takeover of the company at $33 a share—something Microsoft has already dismissed, saying that the offer was no longer good—and that Yahoo would examine a transaction for the search business alone “as long as it provides real value to our stockholders,” which Yahoo said today in a statement to investors.

The irony in that statement is that their stock has dropped quite a bit since they first spurned the Microsoft takeover bid.

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