Yahoo’s (NSDQ: YHOO) big institutional investors would have taken the Microsoft (NSDQ: MSFT) bait at $34 a share, a dollar more than what it was being offered. Among those include Capital World Investors, which recently doubled its holdings in Yahoo, bringing it to a 10.1 percent stake, and Capital Research Global Investors, which holds nearly a 6.4 percent stake, reports News.com. These two are Yahoo’s largest institutional investors, and combined the two also hold a lager stake in Microsoft.

Then, the pure-play Yahoo investor, Legg Mason, also would have sold to Microsoft if only the offer was $34 per share, reports NYT. Bill Miller, a portfolio manager for Legg Mason, told NYT: ““Had there been a full deal on the table, a hostile deal, at $34 or $35, we would have had to take a look at it…Our number was higher, but it doesn’t mean we would have rejected it.” Miller also said that he expected Yahoo to use a good portion of its approximately $2.3 billion in cash to buy back shares, putting his own not-so-subtle pressure on Yahoo management.

• Yahoo’s Largest Shareholder Doubles Stake Since Last Year
• Legg Mason Ready To Support Independent Yahoo If Microsoft Lowers Bid
• Why Big Yahoo Investors May Not Push For A Higher Bid