Disclaimer: I have great respect for both Microsoft and Yahoo! and merely wish to provide humorous editorial banter.
With the wording of Microsoft's letter to Yahoo seeming all but imminent, but the phrasing clearly being that of a merger:
I am writing on behalf of the Board of Directors of Microsoft to make a proposal for a business combination of Microsoft and Yahoo!
The real question now becomes "What will the new company call itself?" I am thinking it will be either Microhoo? or Yacrosoft! Given the fact that both name combinations use parts of both companies' names -- if you say either of them fast enough, you might figure out the company's business strategy behind the name!
In all seriousness though, what do you see as happening to Yahoo's services, assets, and employees? Right now it's anyone's guess, and I would be interested to hear your thougts and opinions.