Microsoft has released a statement in which the firm discusses a letter sent to Carl Icahn, the billionaire investor at the heart of many of its discussions regarding the possible Yahoo takeover.

The statement sets the stage, explaining that the firm has held a number of meetings with Icahn, in which the parties have discussed a possible agreement. In the letter Microsoft explains that it cannot reach an agreement with the existing Yahoo board, but suggests that perhaps a new board would view its offer differently. The letter comes in the run up to a shareholder meeting at the targeted firm.

“We have never been able to reach an agreement in a timely way on acceptable terms with the current management and Board of Directors at Yahoo!. We have concluded that we cannot reach an agreement with them. We confirm, however, that after the shareholder election Microsoft would be interested in discussing with a new board a major transaction with Yahoo!, such as either a transaction to purchase the “Search” function with large financial guarantees or, in the alternative, purchasing the whole company.”

The letter explains that a partnership between the two firms would be beneficial to these stakeholders, and improve the services that they offer their customers.

“As we explained on June 12 when Yahoo! announced an agreement with Google, we believe that our proposed search acquisition and partnership would have delivered superior value to Yahoo!’s shareholders and the marketplace as a whole…
While of course there can be no assurance of a future transaction, we will be prepared to enter into discussions immediately after Yahoo!’s shareholder meeting if a new board is elected.”