Yahoo letter: Icahn is only looking out for himself

In a letter to shareholders, Yahoo CEO Jerry Yang says Microsoft and Carl Icahn's plan "will destroy stockholder value at Yahoo."

In a new letter to shareholders, Yahoo CEO Jerry Yang and Chairman Roy Bostock claim that the latest proposal from Microsoft and investor Carl Icahn "will destroy stockholder value at Yahoo."

The letter, released Thursday, complains that Icahn only invested in Yahoo two months ago, and is just looking for a deal to "recover his investment and get back his money quickly, even a deal that does not provide full and fair value to you."

The letter is part of the months of sniping among the companies, investors, and other interested parties, all leading up to Yahoo's August 1 shareholder meeting.

Icahn and his proposed new board slate "lack the working knowledge of Yahoo and its Internet business needed...to successfully deliver a value-enhancing transaction," the Yahoo letter says.

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