Thursday, June 5, 2008
Roy Bostock, chairman of Yahoo, responded to Carl Icahn's letter and took issue with Icahn's characterization of the employee severance plan as a poison pill. Rather, the plan "is intended to help us preserve and enhance shareholder value by allowing Yahoo! to continue to attract and retain the industry's best talent, and to allow employees to stay focused on implementing Yahoo!'s business strategy." In responding to Icahn's assertion that the board "sabotaged" the Microsoft offer, Bostock stated that the Yahoo board engaged in discussions focused on maximizing shareholder value until Microsoft walked away. He also criticized Icahn for relying on unsubstantiated assertions contained in documents filed in a shareholders' derivative suit that was recently unsealed.