Yahoo Inc. (YHOO.O) said on Friday that a letter sent to its board from the investor Canyon Capital contained misperceptions about the company.

Yahoo shareholder Canyon Capital, in a letter obtained by Reuters on Thursday, said the Internet company’s board and management team have spent in excess of $3 billion on acquisitions to which, based on the its stock price, the market appears to ascribe negative value.

“Our board and management team have been and remain firmly committed to acting as good stewards of capital and delivering sustainable shareholder value,” Yahoo said in response to the Canyon Capital letter. “We will share details on our future plans for Yahoo on our upcoming earnings call.”

Last week, activist investor Starboard Value LP ramped up pressure on Yahoo, taking aim at Chief Executive Officer Marissa Mayer and her leadership team and raising the prospect that a proxy battle is approaching.

(Reporting by Michael Flaherty; Editing by David Gregorio)

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