Yahoo Inc. is starting to meet with its major shareholders in hopes of fending off activist investor Carl Icahn.

Icahn is trying to overthrow Yahoo’s board in retaliation for rejecting Microsoft’s $47.5 billion takeover bid. Now the company is making its case for keeping its current board and management team.

Yahoo filed a 32-page presentation Monday with the Securities and Exchange Commission to elaborate on its defense of its nine directors, including CEO and co-founder Jerry Yang. Among other things, Yahoo questions the sincerity of Microsoft’s takeover bid, and defends the value of a planned advertising partnership with Internet search leader Google.