Yahoo is offering its full account of the company's recent acquisition talks with Microsoft.

The company issued a filing on Monday to the US Securities and Exchange Commission which included a copy of a presentation to shareholders. In the presentation, Yahoo makes its case for opposing a takeover bid by Carl Icahn and a defense of its actions in the ill-fated negotiations with Microsoft.

Shareholders will vote in August on whether to keep the current board or replace the members with a group hand-picked by Icahn, who has vowed to pursue a full sale to Microsoft.

Yahoo, however, now says that a deal to purchase the whole company was never Microsoft's intent.

"Microsoft was unresponsive to multiple requests," the company said in the presentation.

"The record casts doubt on whether Microsoft was ever committed to a whole company acquisition."

Instead, the board claims that Redmond is offering a "hybrid" plan in which only Yahoo's search business would be acquired.

The hybrid plan was left on the table by Microsoft after talks for a full transaction officially ended in June. The proposal would see Microsoft pay $1bn up front and an additional $8bn investment in exchange for exclusive control over Yahoo's search business for the next ten years.

The company maintained that Microsoft's proposal "did not make sense for Yahoo either financially or strategically."

Yahoo also lashed out at Icahn, saying that the shareholder's depiction of the Microsoft talks "misrepresents the manner in which we negotiated" and countering Icahn's demand that chief executive Jerry Yang be replaced.

"Jerry is a key driver and facilitator of our strategic plan," the company said.

Yahoo also attacked Icahn's investment history, noting that only 3 of the 15 companies Icahn is currently invested in have seen an increase in stock value since his arrival.

Shareholders will decide the fate of the board at the annual meeting on August 1st.