Yahoo Chairman Roy Bostock claims that Carl Icahn's version of what went wrong in the Microhoo collapse "seriously misrepresents and manipulates the facts" and that he has no constructive plan for
Yahoo other than insisting that it sell itself to Microsoft, which has repeatedly stated that it's no longer interested in purchasing Yahoo.
In the letter, Bostock refutes Icahn's accusation
that Yahoo's employee severance plan, implemented after Microsoft announced its intention to takeover the company, was a "Poison Pill" designed to undermine the deal. "To set the record straight, the
employee retention program is designed to protect the company's assets and value during a time of uncertainty," Bostock said. "In fact, our plan has a "double trigger" which means that in order for an
employee to be eligible for benefits under our plan, there would need to be a change of control AND the employee would need to be terminated 'Without Cause' or resign for 'Good Reason.'"
Microsoft walking away from the deal, Bostock added, "Yahoo's board of directors has at all times been focused on maximizing shareholder value. As has been well documented, Yahoo has engaged in
thorough discussions with Microsoft over a series of months culminating in Microsoft's decision to walk away from a potential acquisition of Yahoo."
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