SUNNYVALE, Calif. — Yahoo issued a letter to shareholders Wednesday in response to a proxy challenge against the web firm.

In the letter, Yahoo outlined steps it has taken to restructure the company and its management structure, saying “this is the right board with the right mix of skills and experience to lead the company forward to create value for shareholders.”

READ THE FULL LETTER

The company said it considered board nominees proposed by Third Point, the investment fund that is mounting the proxy challenge, but found its own selection of new board members to be “significantly superior.”

Yahoo has not yet set a date for its annual shareholder meeting.

Shares in Yahoo ticked lower by 0.3 percent in the first few minutes of trade.

To read more, go to MarketWatch