Perhaps you remember the morning of February 1, 2008, when Microsoft CEO Steve Ballmer made public his intentions to purchase Yahoo at $31 per share. Or maybe you recall Ballmer's angry letter on April 5, demanding Yahoo answer to Microsoft's offer. Yahoo CEO Jerry Yang and the Yahoo board of directors would prefer you not. According to a shareholder presentation the group filed with the SEC — part of its campaign against Carl Icahn's alternative slate — Yahoo's board wants Yahoo shareholders to believe that "the record casts doubt on whether Microsoft was ever committed to a whole company acquisition."

Carl Icahn has finally gotten his online soapbox working so that he can start talking candidly about his proxy battle with Yahoo board, but posts so far have been few and far between. Some are noting that maybe it's just too hard to keep up with the rigors of blogging, but Icahn is now insisting it's the SEC prohibiting him from speaking out. Rather, he's just going to go on the attack against Yahoo management. Maybe he should have just setup a Tumblr account instead? That seems easier. (Photo by AP/Mark Lennihan)

• InBev may need to raise its offer for Anheuser-Busch by $7 billion to win over the company's board. [Bloomberg]

In an open letter to shareholders, CEO Jerry Yang and chairman Roy Bostock assure abused shareholders that they're the only ones who truly love you. They know that Microsoft offered to buy your shares at a premium, and then tried to be just a friend with search benefit, offering $1 billion check and an $8 billion investment. But don't listen to Carl Icahn who says they haven't been good to you — he just doesn't understand that what you share goes deeper than stock price drops.

After a deal outsourcing search advertising to Google failed to impress shareholders, Yahoo board members — including chairman Roy Bostock — are reconsidering a deal that would outsource and sell Yahoo's search business to Microsoft instead. This according to a News.com report, which cites a single source — "one major investor who has been in contact with both parties" — and says that like Yahoo, Microsoft is also willing to renew negotiations and even "sweeten" its offer. We're skeptical.

No wonder Carl Icahn thinks that Yahoo's search advertising deal with Google has merit — turns out that his blog, The Icahn Report, uses Google to help readers search. Not that there's much content to search, as it just went live today, with an archive only going back a week to June 12. Which just happens to be the day that talks with Microsoft ended and the partnership with Google was announced. One keyword you won't be able to find with a Google-powered search of Icahn's blog? The word "Yahoo."

After a slight delay—138 days, give or take—Carl Icahn debuted his blog today, the Icahn Report. The legendary corporate raider plans to use the site to address issues of corporate governance. (And, not surprisingly, the Times points out that most of his posts include words like "absurdity," "travesty" and "outrageous.") One added bonus: He's included his email address, carl@icahnreport.com. Do let us know if you email him and you hear anything back. [Icahn Report, Dealbook]

Billionaire corporate raider Carl Icahn launched his very own blog in January, with the totality of its content being the words "Blog coming soon." This caused the NY Post to put a clock on its website counting the minutes until Icahn actually posted something, just because they knew it would be annoying. But now Icahn says he's finally set to post his first entry, about corporate accountability, today. A rich guy talking directly to you—so exciting! Right now it just says "This page is parked free, courtesy of GoDaddy.com." But we know it's gonna be awesome! [NYP]

• Morgan Stanley reported a 60% drop in second-quarter net income [WSJ]

Lawyers for two Yahoo-owning Detroit pension funds saw a Delaware judge deny their request to expedite a shareholder lawsuit against the company. The funds had hoped to speed up the process ahead of Yahoo's annual shareholder meeting that will determine who controls the company's board — Jerry Yang's stooges, or corporate raider Carl Icahn's stooges. As a result of the judge's decision and Yahoo's deal to outsource search advertising to Google, two major Yahoo shareholders now say they will seek a board composed of some of Icahn's selections and some of the current directors. Icahn himself is said to now be merely hopeful he can win "at least some board seats." (Photo by AP/Mark Lennihan)

Corporate raider Carl Icahn wanted Yahoo to sell to Microsoft, but after keeping quiet while Yahoo stock tanked last week, he's now making noises that he's okay with the Google deal. He told Reuters:

Word that merger negotiations between Microsoft and Yahoo are over and that Yahoo plans to announce a search deal with Google has Yahoo shares plummeting on Wall Street. There's no word from corporate raider Carl Icahn yet, but with a Microsoft merger stymied, don't be surprised if the sudden drop is the result of Icahn and his friends leaving with their very large piles of cash in tow.

Personal Life Media's Susan Bratton snapped a picture of a banner being flown over the Valley advertising Yahoo's job listings page yesterday. While we know the company is bleeding talent, we didn't realize it had gotten that bad. But you could sign up now and cash in on that severance package if financier Carl Icahn's takeover bid is successful. [AdPulp]

One reason Carl Icahn wants to replace the Yahoo board is so that he can rescind the change-in-control severance package Yahoo CEO Jerry Yang put into place after Microsoft made its offer to acquire the company in February. Yahoo says that if Icahn's slate were to take over the company, that would itself be a "change in control" and would trigger the severance provisions. Given this latest obstacle, Henry Blodget wonders when Icahn will pack up and go home.

Enough with the letters. It's time to vote. On Monday, Yahoo mailed out ballots for its upcoming board election, for which corporate raider Carl Icahn has proposed an alternative slate — one that will do his bidding and attempt to resuscitate merger talks with Microsoft. Yahoo also said it plans to spend $12 million campaigning for its board. Anyone who has owned Yahoo shares since before June 3 is eligible to vote online, via toll-free number or by snail mail. Yahoo will announce the results on August 1 at its annual shareholder meeting. By why wait till then? Review the pros and cons for each side and then vote your Valleywag proxy below.

A group of Yahoo shareholders don't think Yahoo needs to be such a great place for employees to be laid off from. Lawyers representing the two Detroit police and firefighter pension plans that are suing Yahoo over its failed merger negotiations with Microsoft filed a brief demanding Yahoo rescind an employee severance package the lawyers and corporate raider Carl Icahn say dampened Microsoft's interest in a merger. The lawyers asked the lawsuit's presiding judge to hold a hearing to determine the severance package's fate ahead of Yahoo's August 1 shareholder meeting. (Photo by gruntzooki)

Buying up billions of dollars in Yahoo shares and calling for a new board and renewed merger negotiations with Microsoft made corporate raider Carl Icahn come off daring and bold, if slightly confused. Now, with his latest later to Yahoo chairman Roy Bostock, Icahn just seems whiny. He begins his letter:

Publicly, Microsoft, its CEO Steve Ballmer, and its chairman Bill Gates say the company no longer wants to acquire all of Yahoo. Yet corporate raider Carl Icahn continues to wage billions of dollars that a Microsoft-Yahoo merger could still happen. Is Icahn hearing something different from Microsoft than the rest of us? : "Obviously, he has talked to some of our folks," Ballmer told reporters. Icahn issued a nondenial denial when CNBC asked if he's been in communication with Microsoft: "I wouldn't say closely, and I wouldn't want to talk about it anyway, you know?"

Corporate raider Carl Icahn laid out a five step plan for Yahoo in a letter to Yahoo chairman Roy Bostock today. In brief, Icahn wants to replace Yahoo's poison pill severance package, usher CEO Jerry Yang back into his role as "Chief Yahoo," tell Microsoft that it can have any of Yahoo unless it owns all of it, sell Yahoo, or failing that outsource search to Google. Find the plan in Icahn's own words, below.

Billionaire and activist investor Carl Icahn took his Yahoo obsession to the airwaves with a phone-in interview on CNBC's Fast Money yesterday afternoon. In my attempts to distill the over twelve-minute, rambling dialogue with the anchors on the show, the most interesting thing was how guarded and halting Icahn was about his intentions — he revealed little that he, or one of his assistants, hasn't brought up in his many open letters and other lobbying to unseat CEO Jerry Yang, or answer the question "If you succeed in your proxy battle, who says Microsoft will buy?" So with no money quotes to go with, I threw in everything else.