With rumors swirling that Yahoo may soon be the target of a high profile acquisition, the company is making it clear that it is willing able ready to explore and entertain a variety of options — acquisition or otherwise.
Ahead of the weekend, Yahoo provided further details about its previous announcement that its Board of Directors is exploring strategic alternatives alongside its continued consideration of a reverse spin.
The Board, we’re told, has “formed a Strategic Review Committee of independent directors” to lead this effort, with the assistance and support of management.
According to a news release from Yahoo:
The Strategic Review Committee has engaged Goldman Sachs & Co. Inc., J.P. Morgan and PJT Partners Inc. as its financial advisors, and Cravath, Swaine & Moore LLP as its legal advisor. The Strategic Review Committee and its advisors are establishing a process for outreach to and engagement with potentially interested strategic and financial parties. The Strategic Review Committee will recommend to the Board whether any proposed transaction is in the best interests of the Company and its shareholders.
“The Board recently formed an independent committee to conduct a process to evaluate strategic alternatives for the company. We have hired excellent advisors and are working closely and in alignment with management to pursue an effective process,” said Maynard Webb, Yahoo’s Chairman of the Board. “The Board is thoroughly committed to exploring strategic alternatives while simultaneously supporting management and the employees in their implementation of Yahoo’s strategic plan. We believe that pursuing these complementary paths is in the best interests of our shareholders and will maximize value.”
