Today's big news about Microsoft's Yahoo takeover (or lack thereof) is that...there is no news. The deadline set by Microsoft is up, and both sides are dead silent.
Predictions abound: Microsoft can raise its $31 per share bid, stand firm, go hostile, or even lower the bid in the wake of Yahoo's relatively poor quarterly financial results. Yahoo can do any number of things, many of which include shooting themselves in the foot.
The consensus amongst most analysts is still that Microsoft simply cannot afford to let Yahoo just walk away from this one, and that it's a matter of time until Ballmer announces a proxy fight to replace Yahoo's current board of directors with Microhoo-friendly ones. A tender offer is also a possibility, but Yahoo has ways to thwart this one, whereas a proxy fight is easier for Microsoft to win.