According to a report in The New York Post, Microsoft is considering “raising” its bid to acquire Yahoo to $31/share in cash. I put “raising” in quotes because as you probably recall, $31 was the original offer, but because half of the proposed deal was in stock and Microsoft shares have fallen since then, the deal as it stands is now worth a bit less.

Alley Insider, who has been tracking the value of the offer on a daily basis, calculates the current 50/50 stock/cash deal at $28.87/share. An all-cash offer guarantees Yahoo shareholders their $31, but also means Microsoft would need to take on some debt. Currently, the company has only about $19 billion in cash in the bank according to Yahoo Finance.