Yahoo! is! up! for! sale! – so! how! much! will! you! bid!?
We'll open the bidding with three dollars and a packet of chips
Yahoo! has officially called in the bankers to explore "strategic alternatives" for the company; in other words trying to find someone to buy up the non-Alibaba side of the business.
"Separating our Alibaba stake from Yahoo's operating business is essential to maximizing value for our shareholders. In addition to the reverse spin, there are strategic alternatives that could help us achieve the separation, while strengthening our business," said CEO Marissa Mayer.
"As both shareholders and employees, all of us here at Yahoo want to return this iconic company to greatness. We can best achieve this by working with the committee to pursue various strategic alternatives while, in parallel, aggressively executing our strategic plan to strengthen our growth businesses and improve efficiency and profitability."
The company has hired Goldman Sachs, J.P. Morgan and PJT Partners to help explore options, but they are few and far between. Verizon has been touted as one buyer for parts of Yahoo!'s operations and AOL turd-polisher Tim Armstrong has also been rumored to have shown interest.
Yahoo! has lost revenue and shed staff for the three and a half years since Marissa Mayer took over, and long before that. It's clear investors are losing patience and so the bankers have been brought in to see what can be salvaged from the company.
"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." ®
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