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It has been a wild 24 hours in Microsoft's Yahoo acquisition bid -- first with indications that Microsoft was ready to walk away, then with news that it was poised to attempt a hostile takeover, and now with word that the two companies are negotiating.

The New York Times, citing an anonymous source, reports that Microsoft has raised its offer "by several dollars" per share, and that the companies are in "active merger talks."

The Wall Street Journal adds this caveat: "Though the talks have intensified, a deal was not imminent and the people familiar with the matter said an agreement was not likely on Friday. The people cautioned that the talks could fail to produce an accord, as have previous attempts to reach a deal."