Amid shareholder ire and a plunging stock price, Yahoo CEO Jerry Yang recently hinted he would be prepared to re-open talks with Microsoft or another suitor as long as the company is not “undervalued” by any potential bidders.

In case you haven’t been following the Microsoft / Yahoo acquisition news, the deal went sour over the weekend after failing to agree to a price – even after Microsoft raised its bid to about $5 billion more than the original offer. As a result, Yahoo’s stock fell by as much as 15 percent amid fears that the company was foolish to pass on the offer. Yang, who was reportedly against the deal from the start, now seems to be backtracking on his position. But is it too late for a deal or is the Microsoft / Yahoo drama far from over?

In any case, now that the deal is no longer on the table, Yahoo must convince investors it can turn the company around and deliver on promises that it can grow its revenue – or else expect more suits filed against the company alleging they failed to act in the best interest of shareholders.