Yahoo shares jumped in early trading here on Monday after Microsoft said it was considering a new deal with the second biggest-Internet advertising platform, but not a new takeover bid.
Yahoo showed a gain of 3.04 percent to 18.28 euros (28.48 dollars) in open-market trading.
Yahoo shares are not quoted in Germany, but can be traded on several global markets, including the one in Frankfurt.
On Sunday, Microsoft said it was mulling some sort of deal with Yahoo, two weeks after the US software giant withdrew an offer to acquire the struggling Internet pioneer.
Microsoft was "continuing to explore and pursue its alternatives to improve and expand its online services and advertising business," a statement posted on the group's website said.
"Microsoft is considering and has raised with Yahoo an alternative that would involve a transaction with Yahoo but not an acquisition of all of Yahoo."
The statement did not provide details.
Microsoft offered to buy Yahoo for 44.6 billion dollars in stock and cash on January 31, but withdrew the offer on May 3, saying Yahoo had refused to budge despite the software giant upping its offer to nearly 50 billion dollars.
Corporate raider Carl Icahn accused Yahoo's board of having "completely botched" the merger talks, and said last week that he was amassing Yahoo stock to oust the board of directors, at which point he would restart negotiations.
Microsoft wanted to merge its Internet resources with Yahoo's worldwide offerings to gain ground on undisputed online advertising juggernaut Google.
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