Yahoo Shareholder Asks Microsoft To Re-Bid At $22. Good Luck With That.

Private equity fund Mithras Capital, which holds 1.9 million shares of Yahoo (about 0.14%), will propose to Microsoft that they buy Yahoo at $22 per share, Reuters reports. Microsoft would then unload Yahoo’s Asian assets adn non-search businesses, take $3 billion worth of cost savings and some tax benefits, and end up with Yahoo’s search business for $10.3 billion.

Microsoft is obviously thrilled to see this kind of corporate chaos at Yahoo, although they are unlikely to even respond to the proposal. Yahoo, as usual, looks like amateur hour as their shareholders conduct (or try to conduct) negotiations behind their back.

Mithras Capital partner Mark Nelson said he will send a letter proposing the deal to Microsoft and Yahoo this evening.

Meanwhile, Yahoo was down another 8.1% today, to $12.65, from yesterday’s close of $13.76.