Yahoo + AOL minus Yang + Decker?

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Yesterday, we broke down Yahoo's proxy presentation to shareholders in their attempt at "setting the record straight." MarketWatch, Henry Blodget, and Portfolio have additional takes on the presentation.
All seem to be in agreement that Yahoo blew the initial deal with Microsoft back in February. Neither Microsoft, nor Icahn have responded to Yahoo's filing yet.
Meanwhile, Kara Swisher is reporting that Yahoo's board and major investors are discussing several options for the company, one of which could be the removal of Yang and President Sue Decker. Such a removal would be "a friendly or non-friendly approach" with Yang stepping aside to become a "non-executive chairman" in the former scenario.
The two likely replacements that are mentioned most appear to be Ross Levinsohn, former President of Fox Interactive Media, and Jon Miller, an ex-AOL chairman.
With its stock continuing to stumble, Yahoo has also revived talks with Time Warner about acquiring AOL. Microsoft will be hotly contesting that one, as they will not want to strike out on a second potential online advertising property and fall further behind Google and Co. With significantly more cash reserves at their (Microsoft's) disposal, I'd say this is highly unlikely to go down.
Yahoo could try to get Microsoft to sweeten their deal, remove Yang and Decker to placate investors, and cut jobs while refocusing the business to drive up cost savings and ultimately, the stock price.
-- Senior Yacrosoft correspondent Travis

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