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But Yahoo may not be able to avoid a buyout by Microsoft.
I think the phrase may not be able to simply equals can not or cannot. Do you think so?
My take,
If you say cannot, I understand it something which is certain. "May" adds a meaning of probability here which softens the circumstances.
No, Osee - you're taking away all of the uncertainty.
May not be able to = may be unable to = it may happened, whether Yahoo want to or not, but it's not certain.