Microsoft has offered to buy Yahoo for more than $40bn (£20.5bn).But AOL is thought to be keen on being the firm that helps Yahoo avoid falling into Microsoft's clutches.Yahoo has dismissed Microsoft's $31-a-share offer as undervaluing its brand, audience, investments in advertising platforms and future growth prospects, free cash flow and earnings potential.An influential Microsoft investor has called on the software giant to walk away from the Yahoo offer.He, like many other investors, believes that buying Yahoo would prove a distraction to Microsoft.Microsoft shares have fallen by about 10% since it made the Yahoo offer - wiping almost $35bn from its share value.Microsoft wants to merge with Yahoo to increase its online presence and enable it to better compete with industry leader Google.
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