Yahoo on Monday sought to rally shareholder support for its board of directors and management amid a proxy battle with billionaire Carl Icahn, saying the investor had outlined an "ill-defined plan" for the future of the Internet company. Yahoo detailed its rationale for rejecting a $47.5 billion takeover offer from Microsoft and argued that the software maker’s negotiating tactics cast doubt on whether it was ever serious about a full acquisition, according to an investor presentation filed with the U.S. Securities and Exchange Commission.

Read the complete story here.