Perhaps you failed to notice the date...

Saturday saw the passing of the Microsoft deadline for Yahoo to accept its takeover bid. What transpired is unclear, and what comes next is equally vague, reports Variety.

Two options available to Microsoft are to walk away, which is unlikely, or proceed to oust Yahoo's board — which it threatened to do. Recent rumors also suggested Microsoft may raise its offer on the quiet.

CEO Steve Ballmer, has shown no intent of giving up on the takeover. He has repeatedly stated the $31/share offer is more than generous, despite Yahoo CEO Jerry Yang's insistence his company is worth more.

Microsoft management has reportedly assembled an alternate board to install if it decides to oust Yahoo's existing players. It is also likely to appeal to Yahoo stakeholders — most of which also hold Microsoft shares — directly.

At issue is Yahoo's online ad business and Microsoft's desire to acquire it, which would instantly make it the number two online ad player after Google.

Neither party commented on the passing of Saturday's deadline, though updates — and if not updates, speculation — will undoubtedly be aired as the week progresses.