According to Yahoo!, Microsoft teamed up with Carl Icahn with an offer to acquire the battered company’s flagship search engine on Friday night, under the condition that Yahoo! accept the deal within 24 hours.
Yahoo CEO and founder Jerry Yang sent an e-mail to employees warning them of the pending mess and offered a Q&A:
Subject: over the weekend — joint microsoft/carl icahn proposal
yahoos,
on friday evening, our board received a search and restructuring proposal from microsoft and carl icahn. in essence, this proposal would hand over to microsoft yahoo’s search business and the rest of the business to carl icahn. our board rejected this for a number of reasons, that boil down to a determination that this deal would be disadvantageous to yahoo stockholders. with our annual meeting quickly approaching on august 1, i want to give you an idea of what to expect over the coming days and weeks.
proposals and attacks by microsoft and carl icahn leading up to our meeting are likely to get even more contentious. i know this could is distracting at the very least. but i know that we can count on all of you to continue to focus on what we do best — transforming the experiences of our users, advertisers, publishers and developers. i also realize that you, and our customers and partners, may have additional questions. to address these, below is a brief faq that should help.
please be assured that the board, the management team, and i are all focused on doing what’s best for the business and our stockholders. we are prepared to let our stockholders, not microsoft and carl icahn, decide what is in their best interests. and we look forward to the upcoming vote at our stockholder meeting. thank you for your hard work and commitment to yahoo.
jerry
Source: news.cnet.com
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Rumours are doing rounds that 
