TechCrunch is reporting that Yahoo is having a special board meeting at some point later today, the outcome of which will likely determine if this is the end of Yahoo as we know it, or if they will live to die another day. Both of the two likely outcomes look very, very bleak.

Mike Arrington believes that no one is left to offer up a competing bid and the only option besides succumbing to Microsoft is to strike a deal with Google to outsource its search and advertising – thus castrating the Internet giant. Short term this would give Yahoo some extra revenue, but long term analysts think this would lead to a slow death not entirely dissimilar to what AOL has gone through.

The choice would appear to between the proverbial rock and the hard place. This is no bluff.

But never discount Google. All indications are that they are willing to do almost anything to prevent Yahoo from going to Microsoft. They likely know that their deal doesn’t offer Yahoo a much better alternative – and in fact has a very good chance of not even being allowed to go through – but Google is nothing if not creative.

I still would not be shocked in the least bit to see Google pull off some kind of elaborate 3rd party plan to save Yahoo in the 25th hour.

If they cannot, how can Yahoo turn down Microsoft? Yes, with Microsoft’s recent stock downturn and Yahoo’s upswing, the deal will probably have to be sweetened – but when you consider Yahoo’s stock was at $34 as late as October and Microsoft only offered $31, it probably needed to be sweetened anyway.

As the once proud Yahoo verges on falling into the arms of Microsoft, awaiting one last miracle from Google I’m left thinking of King Theoden’s speech from The Lord of the Rings: The Two Towers:

Where is the horse and the rider?
Where is the horn that was blowing?
They have passed like rain on the mountains,
Like wind in the meadows.
The days have gone down in the West,
Behind the hills, into shadow.
How did it come to this?

Theoden is saved – will Yahoo be?

On the night of the deal my summary was basically Microsoft saying to Yahoo: Join us or die. By the end of tomorrow it might be: All your base are belong to us.