Updated: Yahoo Lays Out The Case For Its Board… All Over Again

If you’re a Yahoo (NSDQ: YHOO) shareholder, but you don’t obsessively follow the twists and turns of the Yahoo-Microsoft-Icahn drama the way some of us do, then Yahoo has put out a letter just for you. Basically it’s: here’s our argument, one more time, for why you should elect the existing board. Real quickly now, here’s a summary:

— We’re moving forward on a plan to be a global internet leader, including dominating in ads and working with Google (NSDQ: GOOG). Also, it’s possible we may look at getting some value from our Asian assets, maybe (that last part may be newish).
— Carl Icahn? That guy’s just a short-term agitator in bed with Microsoft (NSDQ: MSFT). Because he’s signaled that Microsoft is his only exit plan, he has no leverage. And neither he nor his board have any operational chops or internet experience.
— Also, he keeps changing his mind and can’t be trusted on what he wants to do.
— As for Microsoft, they keep changing their mind too, and don’t know what they want strategically.
— So just a reminder: we’re open for a full sale to Microsoft at $33 per share. Barring that, we’re committed to enhancing shareholder value.
— Vote the WHITE proxy card on August 1.

Roy Bostock and Jerry Yang.

Updated: Most of Yahoo’s latest PPT filing looks very been there, done that but here’s the latest MSFT timeline for those keeping track (click to enlarge):