After many days of silence, Yahoo is finally making some moves in its dance with Microsoft over the software giant’s unsolicited bid, including a possible deal with Time Warner to combine forces with the media giant’s AOL unit. This morning, it extended the deadline for nominating new directors from March 14 to 10 days after it announces the date of its annual meeting—which it hasn’t done yet.

But Yahoo can’t delay forever. Delaware law requires that an annual meeting be held no more than 13 months after the last one, which means no later than mid-July.

So, Yahoo bought some time to come up with an alternative to the Microsoft deal, or more likely time to come up with something credible enough to force Microsoft to up its bid a bit. This is still Microsoft’s deal to lose, and it still doesn’t seem like Microsoft is going to lose it.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE