Faced with a proxy fight for control of its board of directors, Yahoo! Inc. [YHOO] on Monday unveiled a presentation it is making to shareholders, saying challenger Carl Icahn's slate of candidates "is not the right answer."

Yahoo! devotes much of the presentation to defending its actions in Microsoft Corp.'s [MSFT] pursuit to acquire the company and why its search advertising deal with Google Inc. [GOOG] is more desirable than selling its search business to Microsoft. But it also attacks Icahn, preparing a slide (below) with a list of the activist's involvement with other publicly traded companies and the change in the stock price since he became involved. As you can imagine, the picture Yahoo! paints is not a flattering one. - David Shabelman

 See full June 30 shareholder presentation from Yahoo!