Yahoo didn’t waste any time in shooting back at Carl Icahn. Roy Bostock, chairman of Yahoo posted this letter responding to Icahn’s attempt to oust the board. Of note, is the fact that it tries to counter Icahn’s accusation that the board didn’t do it’s job in terms of folding up like a cheap suit accepting the Microsoft offer. It references the fact that the offer from Microsoft wasn’t high enough:
“This was communicated to Microsoft in-person at a meeting in Seattle on May 3rd. With Microsoft’s offer at $33 and Yahoo!’s counter-proposal at $37, Microsoft elected, within hours, to walk away from the negotiating table and informed us that they were “moving on,” having never engaged further on price or any of the key non-price deal terms.
In short, Yahoo!’s board was at every point in this process prepared to enter into a transaction with Microsoft that would maximize stockholder value–and included certainty of value and closing. What Yahoo!’s independent board refused to do was to allow control of this company to be acquired for less than its full value.”
Bostock also said that Yahoo!’s business continues to perform well and the board continues to look at other ways to line their pockets with cash maximize shareholder value. He closed by saying:
“We continue to believe that Yahoo!’s current board has the independence, the knowledge, and the commitment to navigate the Company through the rapidly changing Internet environment and to deliver value for Yahoo! and its stockholders.“
I’m guessing that’s business speak for “we’re right, you’re wrong, FOAD.”
Your move Carl.