By Nicholas Carlson, 6:20 PM on Mon Feb 11 2008, 730 views (Edit, to draft, Top, Slurp)

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Yahoo CEO Jerry Yang made all the right noises in leaked memo number three this morning. But shareholders don't really believe Yahoo will remain independent, Bits points out. If they did, Yahoo's share price would already be back near its four-year low, as it was before Microsoft made its offer. Instead, Yahoo shares closed at $29.87, about a dollar more than where Microsoft's current offer stands, at $28.91 per share.