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believed to multiple bidders in which Microsoft could play the lead role, but other bidders could raise prices

a takeover bid for Yahoo fresco in which Microsoft could play a leadership role seems to be emerging following last series of the company of disappointing financial results that saw revenues and profits decline.

But that's just one of a growing number of options gathered around the company, including a proposal by Alibaba China, one by the CEO of AOL, Tim Armstrong, and the possibility of buying privately believed to be under consideration by Jerry Yang, co-founder and former CEO, who still sits on the board of Yahoo.

The latest rumors, the Wall Street Journal, suggest that the company Steve Ballmer could play the lead role in providing cash for the purchase of the company, worth about $ 20 000 million (£ 12.8bn).

The company was considered back in the game after pulling Carol Bartz as CEO in September. Earlier this week announced profits of 26% and revenues by 5% over the quarter to end September.

Microsoft is seen as working with Silver Lake Partners and the Board of Investment Canada Pension Plan in a proposal.

"The proposal under discussion, Microsoft would make billions of dollars of funding, with additional funding to be held by banks," the Wall Street Journal, citing unnamed sources.

Silver Lake and the Fund of Canada will provide the rest, although it would be less than the contribution of Microsoft, said the report.

For Microsoft, the acquisition of a majority stake in Yahoo - who have tried and failed to do in 2008 - could mean that could push its search engine Bing to profitability. Currently, the Online Services Division of Microsoft, Bing, spends about $ 2 for every $ 1 of revenue it brings in. In the last quarter of Yahoo, the figures published by the company (PDF) show that Microsoft paid $ 53 million in "repayment" Microsoft also receives only 12% of net revenues generated by the properties of Yahoo, after "traffic acquisition costs" (TAC) - the price of Yahoo pays for research - paid

This makes it almost impossible for Microsoft to benefit, but increases income research - and the numbers show that Yahoo's search revenue after TAC for the third quarter fell 13% to U.S. $ 374m . Based on fixed costs and lower revenues, Bing can not make money unless Microsoft Yahoo, because it reduces the revenue sharing agreement and to reduce the TAC.

current while Microsoft loses money on every search in Yahoo.

Bill Cox, a spokesman for the visit of Microsoft Hong Kong, declined to comment on the report.

Reuters reported earlier

Microsoft and Silver Lake Partners, a firm of redemption, were among a large number of interested bidders.

Jack Ma, founder and CEO of e-commerce giant Alibaba in China also reiterated its interest in buying Yahoo's Thursday.

"If the board is willing to sell, I'm interested. They just have to know us, "Ma said at the event in Hong Kong AllThingsD.

However, Yang suggested AllThingsD during the conference in Hong Kong that the company has not ruled out any possibility.

"There are many options to work and there are many options for shareholders because of that," said Yang AllThingsD event when asked about the possibility of selling Yahoo.

Yang and Tim Morse, who was appointed interim CEO after Carol Bartz was fired in September, were the engine of the strategic review process, the sources said.

Reuters reported that Yang is interested in an agreement with private equity firms to take Yahoo private, partly because it considers the best option to preserve their relationship with the company.

Power angered several potential buyers, including private equity firms had planned to make a joint bid for Yahoo.

They refused to sign the confidentiality agreement, and a source went so far as to call the service a. Ultimatum

The "no cross-talk" rule is intended in part to maintain competitive tension in the bidding process.

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