Shares Of Yahoo Rise On New Takeover Chatter

San Francisco, CA (AHN) - Shares of Yahoo jumped 7 percent on Tuesday when reports surfaced that former AOL CEO Jonathan Miller is trying to raise enough capital to buy the company for $20 to $22 a share.

The Wall Street Journal said Miller is accessing private equity funds and sovereign wealth investors in attempts to raise nearly $30 billion to buy the internet search company.

Miller is familiar with Yahoo due to his venture firm, Velocity Interactive Group, acting as a consultant for Microsoft and Yahoo during their merger talks.

Activist investor Carl Icahn, now on the Yahoo board, selected Miller in August to fill one of the three seats he has, but Miller declined because of a non-compete clause he has with his previous employer, Time Warner.

The news is just the latest to surround Yahoo. Just a few weeks ago co-founder and CEO Jerry Yang stepped down and the renewed Microsoft rumors began to immediately swirl.

After the Microsoft talks broke down this past summer, Yahoo worked out a search advertising deal with Google. That deal never came to fruition after Google walked away when it ran into antitrust barriers.

Shares of Yahoo added 7 percent to close at $11.50 on Tuesday.