Their move follows an activist campaign by hedge fund Starboard Value LP, which is pushing Yahoo to consider a deal with AOL and unlock Yahoo's valuable stakes in Asian Web companies. Armstrong has been receptive to these Yahoo shareholders and acknowledged the potential benefits of a deal, the Yahoo investors said. But he has downplayed the possibility of a transaction, according to the investors and two sources close to AOL. There are no talks between the two companies and Armstrong has indicated he would only consider a friendly deal, the investors said.