07/25/2008 05:12 am ET | Updated May 25, 2011

Yahoo, At Long Last, Will Pay Shareholders To Love It

Useful thought by Team Yahoo: Why trust the WSJ, the NYT CNBC or anybody else when you can just go directly to shareholders? Hence this memo released this morning. We're parsing it now, and at first glance this seems like a more nuanced (and well-argued) version of arguments we've heard before from Yahoo: Carl has no plan, Microsoft hasn't been serious about buying us. Meanwhile:

* We'll sell the company for $33, if someone makes us a real offer, and
* Wel'll sell search, too, if someone makes us a real offer.

Yahoo also says it's willing to spin-off or sell its Asia assets and pay out a dividend to shareholders, both arguments we don't think we've heard before. Why is that important? Because "These are steps Yahoo! could take, if we determine they are feasible and in our stockholders' best interests, without any "help" from Microsoft or Mr. Icahn."

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