Yahoo’s (NSDQ: YHOO) late-night Saturday rejection of a fresh offer from Microsoft (NSDQ: MSFT) was a bit jarring, since a) nobody knew that there had been a new offer and b) Yahoo was describing it as inadequate without explaining what it entailed. Today Reuters reported that the new offer was basically the same, structurally, as the old one, except a promised revenue guarantee was higher ($2.3 billion per annum) and guaranteed for five years. Kara Swisher offers up a different figure, saying the revenue guarantee was $20 billion over 10 years. Either way, as Yahoo even admitted, it was a better offer than the previous one—but still not get enough.

So with Yahoo rejecting the deal, it all comes back to the Aug. 1 shareholder meeting. It doesn’t look like this latest tactic has done much to help Carl Icahn. A spokesman for major shareholder Legg Mason told Reuters that the firm was not keen on the new offer, and (like Yahoo) would prefer a full takeout at $33. Beyond just Legg, this latest offer could signal to other shareholders: Icahn’s slate will accept a transaction that’s not a full sale—an unappealing outcome for many investors.

• Yahoo Rejects New Offer From Icahn And Microsoft; Says: ‘Just Buy Us Already For $33 Per Share’
• Murdoch On Yahoo: Microsoft Will Walk Away, Deal With Us Unlikely
• Yang Accuses Microsoft Of ‘Destabilizing’ Yahoo Intentionally; Calls Refusal To Negotiate Baffling
• Yahoo To Microsoft/Icahn: Just Make Us An Offer Today
• Microsoft Still Interested In Yahoo Deal, Even An Acquisition; But Shareholders Must Replace Board