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The meeting follows a series of developments this week, which saw software major Microsoft threatening the internet giant with hostile takeover unless it accepts the deal within three weeks and Yahoo once again declining the offer.
Besides, Microsoft was also holding talks with Rupert Murdoch's News Corp to form a joint bid for Yahoo. Such a deal would create giant online entity that combines Yahoo!, Microsoft's MSN and News Corp's MySpace.
Although there was no immediate word on the outcome of the meeting, most analysts believe Microsoft is most likely to acquire Yahoo!, especially now that News Corp is also looking at joining forces with the global IT giant.
Yahoo! has declined Microsoft's buyout offer of $31 per share, saying that it was too low and undervalued the company. Microsoft insists the offer, which valued the company between $41 billion and $45 billion, was fair and warned it could drop its price.
Meanwhile, there are reports of Yahoo contemplating a merger with AOL in an attempt to stave off Microsoft. The deal would see AOL parent company, Time Warner, provide Yahoo! with cash investment in exchange for a 20-per-cent stake in the combined AOL-Yahoo business.
Yahoo! has also announced it would carry out a limited test to outsource its search advertising to its biggest rival Google in an attempt to make more money.