Updated: The suspense continues: Microsoft (NSDQ: MSFT) didn’t reach a final decision following Wednesday’s board meeting, reports WSJ.

The Microsoft board is meeting to discuss its next move, and a raised bid to $32-$33 range is on the table, reports WSJ. But this remains a sticking point, and it’s not clear that this would be enough to sway major Yahoo (NSDQ: YHOO) shareholders that want $35-$37 per share, having been emboldened by a reportedly successful test with Google (NSDQ: GOOG). An official announcement on Microsoft’s next move could be imminent. Even if this latest leak is just Microsoft negotiating through the WSJ—as its done throughout this process—it’s pretty significant in that it’s the first suggestion that the company could raise its bid. And the raise isn’t trivial, seeing as the initial bid has dropped down closer to $29, given the decline in Microsoft’s share price.

Meanwhile, we have confirmed that company has put together a list of names, including Ross Levinsohn, first reported by TechCrunch, but these are just names. In other words, none of them have any role in the actual process, nor would they logically: their only role is to get on the board (in the event that it comes to that) and vote ‘yes’ on the merger.