Blog Post

Updated: Yahoo’s Response: Icahn Has ‘No Credible Plan’; Yang Tells Staff To Ignore Rhetoric

No, you’re the inaccurate one. Following Icahn’s morning missive outlining his post-proxy plan, Yahoo (NSDQ: YHOO) has responded with a short, one-paragraph response. It doesn’t say too much new, except, basically, nope: ” Leaving aside Mr. Icahn’s inaccurate interpretation of our retention plan, we again note that he has no credible plan to operate Yahoo!. We believe that Mr. Icahn’s suggestion that we cancel our retention plan would have a destabilizing impact on Yahoo! and would clearly not be in the best interests of our shareholders. Furthermore, his suggestion that we put out a price publicly to see if Microsoft (NSDQ: MSFT) will alter its stated position is ill-advised. As we have stated numerous times publicly and privately, we are open to any transaction including a sale to Microsoft if it is in the best interests of shareholders.” Release.

Update: Despite the fact that this Icahn-Yahoo back-and-forth has devolved into nothing but rhetoric and chest beating, CEO Jerry Yang tells the Yahoos to set aside rhetoric and focus on what’s important. In the latest of his iconic all lower case memos, Yang explains the proxy contest, walks through the timeline and implores employees: “as yahoos, it