Yahoo Takes Its Defense Against Icahn to Investors

Yahoo Inc. began pressing a case to major shareholders Monday that its board and management deserve a chance to prove they made the right move when they rejected a $47.5 billion takeover offer from Microsoft Corp.

The missed opportunity to sell to Microsoft infuriated many Yahoo shareholders, prompting activist investor Carl Icahn to agitate for replacing Yahoo's nine directors and reviving negotiations with Microsoft. If he gains control of the board, Icahn intends to fire Yahoo co-founder Jerry Yang as chief executive.

In response, Yahoo has assembled a 32-page shareholder presentation to elaborate on the points it has been emphasizing since Microsoft withdrew its bid May 3. ... Go to source