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Jerry Yang reaches out to Yahoo shareholders

Yahoo's chief executive and co-founder Jerry Yang reaches out to shareholders, in an effort to make the case that Microsoft's buyout bid does not come close in giving the company its proper price.

Jerry Yang dished out a letter to shareholders on Wednesday and much of the language was similar to that in his e-mail to employees.

But readers who bashed Yang for the absence of CAPITAL LETTERS in his previously posted e-mails should take note that the shareholders have CAPITAL LETTERS in their Yang letter.

In his letter regarding Microsoft's unsolicited bid, Yang states: "I wanted to reach out to you personally to let you know why your board of directors, after a careful review by Yahoo's management along with our financial and legal advisors, believes that Microsoft's proposal substantially undervalues Yahoo and is not in the best interests of our stockholders."

"More importantly, I want you to know that your board is continuously evaluating all of Yahoo's strategic options in the context of the rapidly evolving industry environment, and we remain committed to pursuing initiatives that maximize value for all our stockholders."

Yang goes on to note the company has more than $2 billion in cash, giving it flexibility to execute its game plan for growth, as well a strong brand name and No. 1 ranking in online display advertising.

Psst, Microsoft, taking note of this...