Yahoo to Meet with Microsoft

Yahoo's board of directors met Friday to discuss takeover bids, but did not make a decision on which option to pursue, according to a report today on Mediapost.com.

Yahoo's board instructed management to hold meetings with Microsoft and with Time Warner, expected to be scheduled for this week.

Meanwhile, Frank Quattrone reportedly has been enlisted as advisor to Google CEO Eric Schmidt. Schmidt has hired Quattrone's law firm, the Qatalyst Group, to provide counsel and help strategize its positioning in the Microsoft-Yahoo merger talks.

Schmidt and Quattrone have worked together in the past. Quattrone was one of the first investment banker to consult with Google when it was but a lowly startup in the late 1990s and Schmidt was party to the creation of Quattrone's new firm. Quattrone spent several years dealing with accusations of obstruction of justice while at Credit Suisse. But the subsequent clearing of the charge after four years removes any obstacles for him to work in the financial industry.