Following the news that billionaire investor and Yahoo! shareholder Carl Icahn is to launch a bid for a board change at the search engine firm, the company has offered its thoughts on his proposal.
In a response to his letter, made publicly available by Yahoo!, the firm claims that is proposition is based on ill-founded judgements, in particular related to the failed takeover attempt that Microsoft launched for the company.
The company notes that its directors have been working to achieve shareholder value and that this is something that can be achieved without a takeover taking place.
"We do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of Yahoo! for the express purpose of trying to force a sale," the company said.
Indeed, it adds, the current board has the knowledge, commitment and independence to successfully navigate the firm through the changing internet environment.