The war of words between Carl Icahn and Yahoo Chairman Roy Bostock is really getting ugly. Icahn has fired off another letter to Yahoo, that starts with the following line:
“While you may take issue with the content of my letter, I take issue with your oversight of Yahoo! Again, I stand by my characterization of your “poison pill” severance plan and I find it humorous to see you attempt to defend it.”
Ouch! That’s a bit of a bitch slap. But it gets better:
“You asked, “what exactly would happen to our Company if you and your nominees were to take control of Yahoo!” I will give you my perspective on that.
— First, I would work to have the board replace your “poison pill” severance plan with an acceptable alternative.
— Second, I intend to ask our new board to hire a talented and experienced CEO (attempting to replicate Google’s success with Eric Schmidt) to replace Jerry Yang and return Jerry to his role as “Chief Yahoo”. Indeed, it was much speculated that Jerry would serve in the CEO role temporarily until a permanent CEO was hired after the board asked Terry Semel to resign.
— Third, I intend to ask our new board to inform Microsoft that unless any alternative transaction can insure a $33 or higher stock price (of which I am skeptical) all talks of alternative transactions are over.
— Fourth, I will ask our new board to offer publicly to sell Yahoo! to Microsoft in a friendly and cooperative transaction.
— Fifth, to the extent Microsoft does not want to make a proposal, I will ask our new board do a deal on search with Google, but only if it contains termination provisions that would in no way impede a subsequent acquisition by Microsoft.”
So much for Yahoo saying he has no plan. I guess that we’ll just wait for Yahoo to respond with a tactical nuke or something. It’s truly gotten that ugly.