In a new pitch to shareholders on Monday, Yahoo insisted that its current board is better prepared to lead the company than an alternate slate proposed by Carl C. Icahn, the billionaire investor who is leading a proxy fight to take control.
Yahoo’s pitch, made in a press release and investor presentation filed with the Securities and Exchange Commission, adds little of substance to what the company has said before.
Here are the main points:
* Yahoo conducted merger talks with Microsoft to maximize shareholder value and in good faith with Microsoft, but Microsoft was “unresponsive and inconsistent” and eventually walked away
* Microsoft’s offer to buy Yahoo’s search business alone, made in late May, was a bad deal for shareholders
* Yahoo’s deal with Google is better
* Yahoo has unique assets, good management and is positioned to succeed
* Icahn is not the right answer, and his track record is poor
* A severance plan put in place by Yahoo is in the best interest of employees and shareholders
Meanwhile, Yahoo’s shares were heading toward a third consecutive low after a reorganization that did little to please shareholders or some employees.
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