Yahoo posted an open letter on its website to shareholders warning that activist investor Carl Icahn’s agenda presents “significant risk” to their investment.
“Your board of directors believes strongly that the Icahn-Microsoft agenda - as presented to us jointly last week - will destroy stockholder value at Yahoo, serving only their very narrow special interests, clearly not your interests,” Yahoo said.
Icahn and Microsoft have held private talks and negotiations, with Microsoft public saying they would only pursue a deal if the current board was removed.
Yahoo also reminded shareholders that they are on the verge of implementing their recently signed commercial agreement with Google “that will increase cash flow.”
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