Yahoo holder urges search unit sale to Microsoft

In a letter to the company's board, the investment firm proposed a deal Wednesday in which Microsoft would acquire Yahoo's search engine and Yahoo would retain 80 percent of revenue generated by search queries on its own site.

Ivory proposed Microsoft pay $15 billion for the search platform. It says that would give Yahoo shareholders $24 to $29 per share, well above Yahoo's recent price.

Ivory owns about 1.5 percent of Yahoo.

Talks between Microsoft and Yahoo about a possible buyout of all of Yahoo fell apart this summer.