YHOO sends letter to stockholders Wed evening

• Re the GOOG deal: "This carefully structured agreement strikes the right strategic balance, enhancing our financial results while advancing our strategic objectives of being the "starting point" for the most users on the Internet and offering such compelling value that advertisers will see us as the "must buy" in online advertising."
• Re a MSFT offer: "Rather than acquire our whole company as it had been proposing for months, Microsoft now proposed to acquire only our search business for $1 billion and a share of future search advertising revenue...While Microsoft's search-only hybrid proposal may have been helpful to Microsoft, our board and management concluded it would have had a significant adverse impact on Yahoo! strategically, leaving the Company without the operational control of search assets and technology we view as critical to our objective of becoming a leader in the converging search and display advertising business."
• Re Icahn's slate: "Based on Mr. Icahn's narrow agenda, it seems highly unlikely that either he or his slate would bring added value to Yahoo!."