The letters keep flying back and forth between investor Carl Icahn and Yahoo. On Wednesday, Icahn called for Jerry Yang’s head and characterized its employee retention plan as a “poison pill” intended to kill the Microsoft deal.
On Thursday, Yahoo chairman Roy Bostock responded, saying that Icahn was misrepresenting the facts. (He also denied that Yahoo ever turned down a $40 a share offer back in January 2007).
Icahn, who wants nothing more than to keep this public dialog going, fired back with another letter today, detailing his plan for Yahoo, should his alternative slate of directors take over the board.
If elected, his board would do the following five things (I am paraphrasing here):
1. Remove the “poison pill” retention plan and replace it with one that would be less costly to Microsoft.
2. Fire Jerry Yang.
3. Stop talking to Google, News Corp, Time Warner, or anyone else unless they offer at least $33 a share.
4. Publicly prostrate themselves before Microsoft and beg Steve Ballmer to reconsider buying Yahoo.
5. If that fails, only then maybe do a search deal with Google.
To which Yahoo has already responded: Carl, you are dreaming. See full text of both letters below.
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