-By Georg Szalai, The Hollywood Reporter

Yahoo! this weekend rejected a restructuring and joint acquisition offer from Microsoft and Carl Icahn that came with a deadline of less than 24 hours.

In a statement Saturday, the online firm said the joint proposal was made Friday night and called for the acquisition of Yahoo!'s search services by Microsoft, while Icahn and a slate of board members would have run the company's business units. Yahoo!'s current management and board would have been immediately replaced, without allowing shareholders to vote on two slates of directors at their annual meeting on Aug. 1.

Yahoo! late Saturday instead suggested Microsoft make a proposal to acquire the whole company for at least $33 per share. It suggested such a deal could be finalized before the shareholder meeting.

The company said its rejection of the restructuring and joint buyout was based on the offer's complexity and risk, among other factors; plus, doing away with current leadership would destabilize Yahoo!.

The proposed deal would also preclude a potential sale of all of Yahoo! "for a full and fair price, including a control premium," according to the company.

Yahoo! chairman Roy Bostock in a statement lashed out against the suitors: "Microsoft, having failed to advance in search, is aligning with the short-term objectives of Mr. Icahn to coerce Yahoo! into selling its core strategic search assets on terms that are highly advantageous to Microsoft, but disadvantageous to [our] stockholders."