Microsoft has had enough, it seems. The company has fired off a written ultimatum to Yahoo’s board. Either conclude an agreement to be acquired by Microsoft or Microsoft will engage in a proxy fight to oust the board with one favorable to the deal.

Microsoft says that despite what it calls its “generous” offer, Yahoo has failed to conclude what Microsoft thought should be a “speedy and ultimately friendly transaction.” Below, the full letter, including how Microsoft feels it is offering the only “full and fair value” to Yahoo’s shareholders.

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