Great ‘Jabberwocky’ word in The Wall Street Journal today describing the, uh, muted response of Yahoo’s top brass to Microsoft’s plan to slice up the company, giving the choicest portions, of course, to itself. As Yahoo chews on this proposal without getting any indication of what the renewed price tag might be, our thoughts invariably turn to the contents of the poison-pen missive Carl Icahn is, no doubt, dashing off even as we type. Behold, the latest of the foggy details on this epic Internet clash of the titans.

Microsoft Corp.'s proposed alternative to acquiring Yahoo Inc. would involve a breakup of the Internet giant that people close to Yahoo said is unlikely to win favor with its board.

In recent days, Microsoft floated a proposal to acquire Yahoo's search-advertising business, said people familiar with the matter. Under the proposal, Yahoo would also sell its Asian assets, and Microsoft would acquire a minority stake in what remained of Yahoo, the people close to Yahoo said.

Microsoft didn't indicate how much it would pay under the plan, which was initially presented by Microsoft representatives to Yahoo, with subsequent discussions between bankers for the two sides, the people said. Microsoft hasn't put the proposal in writing, they said.

Yahoo executives reacted lukewarmly to the plan, the people said. Microsoft withdrew its unsolicited offer to acquire Yahoo on May 3, but Sunday said it "reserves the right" to reconsider that option.

Some at Yahoo view Microsoft's move as an effort to put public pressure on Yahoo not to pursue a separate search-ad deal with Google Inc. Those Google discussions continue, said people familiar with the matter.

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