Yahoo's board will reportedly meet this Sunday to consider a $1.1 billion acquisition—supposedly an all-cash offer—of Tumblr in an effort to capture a younger audience. The company's aging audience has played a critical part in Yahoo's past success, but it has struggled to find a place in the new Internet—Tumblr is one of the hippest properties available.

Marissa Mayer, CEO of Yahoo, has been on a spending spree lately, scooping up smaller companies such as Summly and Astrid. Tumblr would be Mayer's largest capture, and would be Yahoo's best chance yet at reinventing itself as a cool company. But can Yahoo buy cool? A separate report from TechCrunch claims Tumblr actually feels the $1.1 billion bid is too low. If that's the case, and Tumblr decides talks are over between it and Yahoo, that would give Facebook and Microsoft the opportunity to make its own bids.

Yahoo has a special event planned for Monday, but it's allegedly focused around Flickr, and not Tumblr. However, if Yahoo's board does meet this Sunday and give the go ahead for a deal, Mayer and her team might have a One More Thing announcement planned for the end of Yahoo's event.