I think there are many kinds of deal on the table: --THL Partners is interested only to buy YHOO core --Silver Lake, MSFT and Horowitz interested minority stakes of 10% to 20% -- TPG, the same minority stakes --Bain, Blackstone, Ma, Mr. Son (if they can agree with their partnership) they want whole YHOO (we heard $25B or higher is the offer) --Ma borrowed additional $4B but according to Reuters, Rothschild Advisor will be used to buy the 40% stakes only. --many news published that Softbank and YHOO are already in advanced talk to buyback YHOO 35% stakes in YHOO Japan.
This is very, very complex deal, (multiple deals) to coordinate everything before the announcement, so my take it will pass X-mas but I think before the nomination of BODs (Jan 2012)to get the "all the deals" finalized.
The "unexpected deal" is we have a surprise buyer like MSFT, APPL, NWS, VZ, DIS to buy whole YHOO by himself.