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Microsoft's takeover bid for Yahoo comes at an interesting time: the day after former Yahoo CEO Terry Semel stepped down from his non-executive chairman position on Yahoo's board of directors. Coincidence? Kind of hard to make it look that way given Semel's past opposition.

Semel was forced out of the captain's chair by shareholders last June and was replaced by Jerry Yang and Sue Decker. Just over six months later – the day before Microsoft makes an astonishing $44.6 billion bid to buy the company – Semel steps down from the board.

Why would someone take a board of directors position for just six months? Did he jump ship because things were looking bad – layoffs and tanking stock? Was he just ready to retire, take his gold watch and go home? Was he being blackballed by shareholders again? Or did he get wind of the coming Microsoft bid and decide he didn't want any part of it? Worse, did all of them get wind of it and decide it was time for Semel to make a more official exit? Did Microsoft have its proposal at the ready if and when Semel left?

These questions may not be answered, at least not immediately, but the timing is most definitely interesting. The possibility, or at least the suggestion, of Microsoft making a bid for Yahoo has been around for a long time. Microsoft's inability to fully break into the search market combined with Yahoo's inability to beat Google made for an opportunity to create a much stronger second place position between the two of them.

But it was never just about search. The deal made sense to many people for the very reasons outlined in Microsoft's proposal: they could combine their braintrusts with amazing research and development capacity; they could combine the number one and number five destinations on the Web; and they could absolutely rock the display advertising world. It was the best dream team that could be put together to really, meaningfully take on Google.

Even better, as noted in this morning's conference call, Google wouldn't be able to buy Yahoo. The anti-trust hounds would be all over Google buying its way to a 90% search share. And then, earlier this week, Yahoo stock played the limbo rock. Perfect climate acquisition, except for one thing: a historic voice of dissent on the Yahoo board.

Danny Sullivan reminds us in a short history that in 2006 Semel had never considered a Microsoft takeover, and probably never would. He did say that the company had considered selling off a piece of its search business to Microsoft, but compared the possibility to amputation of a limb.

And then there was this gem:

“My impartial advice to Microsoft is that you have no chance,” he said. “The search business has been formed.” He also suggested that Yahoo employees might chafe under Microsoft’s control.

We can speculate all day. But you can't say the timing isn't very interesting. The loudest voice against involvement with Microsoft is first forced out of the CEO spot and six months later steps down from the board. The next day Microsoft makes its bid. Does that sound accidental to you?