My take on the Yahoo response to Icahn's letter, for what it's worth:
Yahoo's letter seems very "boiler plate" to me. It rehashes many of the same arguments the company has already put forth, both publicly and privately:
- That Microsoft's raised offer of $33 was never put in writing with no additional, appropriate details.
- That it was Microsoft, not Yahoo, that was stonewalling, and not negotiating effectively or appropriately.
- That Yahoo's board meticulously combed through every available detail as it tried to evaluate Microsoft's offer, to no avail.
- That Yahoo's board was fervently acting in the best interests of shareholders by turning down an offer, even though that offer carried a 72 percent premium.
Yahoo says it is still very open to a deal with Microsoft , or anyone else, so long as the deal fairly values the company. If there is a surprise, it's that Yahoo confirms that there is no other deal available, no other suitor, either then or now, waiting to strike a deal for the company.