Yahoo CEO Jerry Yang issued a letter to employees, as the Internet pioneer gears up for a proxy battle with billionaire investor Carl Icahn, CNET News reports.

"We always want to hear the views of our stockholders, but you should know that Mr. Icahn's letter reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal," Yang wrote.

The letter includes a FAQ for employees, and there's also a second letter meant just for the higher-ups with "talking points." Read the contents of both of Yang's letters here.