Yahoo says it needs time to consider the Microsoft offer and that it could take a while. Yahoo might want to remain independent.
Following the Microsoft offer, there are now reports that others are interested in buying Yahoo. Among those being mentioned are General Electric, Comcast and Viacom. Clearly none of those are a natural fit, however they are being reported as being interested.
Yahoo has said it will evaluate all options.
There are more details and this article has them
Yahoo says it needs time to mull Microsoft offer | Reuters