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Report: Yahoo board talks but makes no decision on Microsoft

Yahoo's board still has not idea what to do about Microsoft offer, one week after it was proposed, according to a report.

One week after Microsoft publicly bid to acquire Yahoo, the takeover target's directors held a conference call and still haven't decided what to do, according to The Wall Street Journal.

The Yahoo directors discussed outsourcing their search advertising to Google, as well as how to negotiate a higher offer from Microsoft, unidentified sources told the newspaper.

The bid, valued at $44.6 billion when Microsoft made the offer a week ago, has dropped to about $41.8 billion as Microsoft's share price has fallen.

Meanwhile, no other suitors have stepped up, except for the outsourcing pact Google reportedly approached Yahoo with in an effort to thwart Microsoft's bid.

Yahoo's board is scheduled to meet on Wednesday, and planned job cuts are expected on Tuesday, sources told CNET News.com.