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Yahoo's Chairman of the Board Roy Bostock fired back a reply, on behalf of the beleaguered board members Carl Icahn has been trying to replace, stating Icahn had a "significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal".

Icahn had sent an open letter to the board informing them of his intended proxy fight, Kevin Newcomb reported earlier today.

Read Bostock's letter after the jump:

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