Ex-AOL CEO may make a play for Yahoo

Microsoft may have no intention of buying out Yahoo, but ex-AOL CEO Jonathan Miller is reportedly trying to raise enough money to make a play for the company.

Miller believes he can buy Yahoo for $20-22 per share, according to insider sources quoted by the Wall Street Journal - meaning he could buy out the company for $28-30 billion.

Yahoo has declined to comment on the report, but the news has nevertheless prompted a 7% surge in the value of Yahoo shares, which climbed 76 cents at close of trading to reach $11.50.

Investor Carl Icahn meanwhile has bought up nearly 7 million new Yahoo shares, the Associated Press reports, a move that has fuelled speculation he may be attempting to influence the selection process to fill the company's newly-vacated CEO position.

Icahn paid an average of $9.92 for the shares, spending around $67 million in total. He now owns nearly 5.5% of the company, with a total stake of 75.6 million. Icahn paid $1.5 billion, or $25 per share, for his initial investment.

Yahoo gave Icahn a seat on the board - and two other seats to fill with persons of his choosing - after he threatened to move for new directors in response to the board's approval of Yang's controversial decision to reject a $47.5 billion takeover bid from Microsoft earlier this year.