Despite Yahoo’s ostensibly deft maneuverings this week, analysts suggest that being swallowed by Microsoft is the most likely fate for Yahoo. Just yesterday, Yahoo said it is testing Google search ads, a deal some interpreted as the latest move on Yahoo’s part to avoid a hostile takeover by Microsoft. Now, news outlets large and small are reporting that Yahoo is in talks with AOL to discuss a merger of sorts that many see as yet another avoidance tactic. Ah, but the plot thickens once again, as Microsoft, too, is in discussions with a potential partner: News Corp. might band with the software giant in its acquisition bid. A story by the Associated Press, Ahead of the bell: Yahoo’s options, on Yahoo’s Finance page no less, quotes from a note that Citi Investment Research analyst Mark S. Mahaney sent to clients: “Yahoo’s maneuvers ‘clearly signal’ its ‘determination to explore all strategic options versus accepting Microsoft’s $31-per-share bid.'” Mahaney goes on to say that a Microsoft buyout is “the most likely outcome,” though it will probably happen at a higher price than the current $42 billion proposal. Either way, for Yahoo to be in irons, as the sailing expression goes, and forced to choose between Google and Microsoft is anything but ideal. Benjamin J. Romano of The Seattle Times posts another analyst’s opinion in this blog entry: Christa Quarles, an analyst with Thomas Weisel Partners, broke out the Homer in her latest assessment of the deal, also reported by the AP. “Choosing between Microsoft and Google must seem like sailing between Scylla and Charybdis for Yahoo,” Quarles said in a note to clients. “Though given independence seems to be the overarching goal, tacking toward Google may be the better short-term solution.” Technology Industry