“Mr. Icahn's only plan for Yahoo!, if his slate is elected, is to hope that Microsoft -- which withdrew its acquisition proposal more than a month ago and has since publicly reaffirmed that it is not now interested in a full acquisition -- can be persuaded to come back to the table and agree to acquire our company. But this is not a strategy.
In our opinion, Mr. Icahn and his slate are not the right individuals to guide Yahoo! as a standalone company.”
Of course, Carl Ichan’s sole interest isn’t in selling Yahoo to Microsoft or executing Yang and Bostock's growth plan – it’s in selling his tens of millions of shares at a price well above that at which he purchased them. Meanwhile, Yahoo will have to remain on the defensive, convincing shareholders that continuing to execute its own strategy is a more profitable option that yielding to Icahn and/or Microsoft.
The full letter is embedded here: