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Microsoft on Saturday issued a letter to Yahoo’s board of directors saying that it is tired of waiting for the online firm to start negotiations. It will give the company three weeks to come to an agreement before it makes its case to shareholders.

The letter from Microsoft CEO Steve Ballmer claims that since the bid was placed for Yahoo, the latter has done nothing to help progress the negotiations. To make matters worse, “public equity markets and overall economic conditions have weakened considerably”, lessening Yahoo’s value to Microsoft since it offered a 62 per cent premium on Yahoo’s stock.

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Microsoft’s president of platforms and services, Kevin Johnson, has offered his employees words of reassurance to quell their unrest and give some insight into the company’s proposed merger with Yahoo.

When Microsoft attempted to acquire Yahoo for $44.6 billion (£22.4 billion) earlier this month, many wondered if the drama was over after Yahoo said it would not accept a deal that was “grossly undervalued”. But, after rumours suggesting that Yahoo might try to merge with News Corp, and the possibility of a proxy fight over the Board, it looks like the fun has only just begun.

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After much speculation last year, Microsoft has officially made a bid for Yahoo, the increasingly beleaguered web giant. Reuters reports that Microsoft has offered to pay $44.6 billion (£22.4 billion) to seal the deal.

Microsoft has been repeatedly linked with Yahoo and is offering to buy its search rival for $31 per share, a price that’s 62 per cent above Yahoo’s NASDAQ share price at the close of trading on Thursday.

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