In the latest salvo in its proxy
fight with activist investor Carl Icahn, Yahoo on Monday made public a stockholder presentation further explaining its rejection of Microsoft's acquisition bid and subsequent search proposal,
defending its alternative search deal with Google and countering Icahn's efforts to replace the company's current board of directors.
The PowerPoint presentation, filed with the
Securities and Exchange Commission, also emphasized Yahoo's efforts to deliver on its strategy of being the starting point for the most users through initiatives such as its forthcoming AMP ad
management platform and recent reorganization.
Icahn mounted the proxy battle in order to force a Microsoft takeover of Yahoo. With Microsoft ending its acquisition bid, Yahoo maintains that
his campaign to replace the board with his own slate of directors no longer makes sense. Icahn has also called for the removal of Yahoo co-founder and CEO Jerry Yang.
Yahoo again urged
stockholders to support the existing board as the best option for increasing the company's value. A vote on the board is scheduled for Aug. 1 during Yahoo's annual shareholders meeting.