New Yahoo filing. A lot like the old Yahoo filing

The big takeaway: Yahoo management is really, really committed to doing the right thing and Carl Icahn's slate is not the answer. What else is new?

Another day, another filing. By now, you'd think Yahoo had said all that it could say about its increasingly rancorous disagreement with Carl Icahn over the future of the company.

Not by a long shot.

Earlier today, the company issued an in-your-face challenge to Carl Icahn in a letter to shareholders , which also singled out Microsoft for poor judgment. But that didn't exhaust Yahoo's surprising gift for gab.

In the run-up to its highly-anticipated shareholders meeting on August 1, Yahoo filed a documentwith the Securities & Exchange Commission after the close of trading.

The document rehashes familiar arguments Yahoo execs have made on other occasions--that it boasts a seasoned management and board of directors, that the company has pursued a "thorough process to review strategic alternatives" (unlike you know who), and that the search arrangement signed with Google does more for stockholder value than the competing offer from Microsoft. And, of course, the filing includes analysis and commentary about the Icahn proposal, which it finds wanting.

Yahoo's filing does include a further look at Microsoft's latest proposal to Yahoo. Microsoft says that search deal includes revenue guarantees of $19.5 billion to $26.5 billion over 10 years. For the first five years, Microsoft guarantees $2.3 billion. After that, both companies have an option to renew the agreement, but at very different prices. If Microsoft unilaterally renews, it has to pay Yahoo $3 billion, while Microsoft's guarantee drops to $1.6 billion if Yahoo alone wants to renew.

Microsoft calls the proposal "compelling" to quote its CFO, Chris Liddell. Yahoo obviously had a very different take. And so on.

OK, we get it, guys--though I doubt it's the last we're going to hear on this topic before Yahoo's Day of Reckoning.

 

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