Reports indicate that Yahoo CEO, Marissa Mayer, is pitching a deal to sell Yahoo’s non-core business provided she stays CEO.
Yahoo Looking To Sell Up To $3 Billion in Non-Core Assets
Frank Quattrone, the famous banker hired by Mayer is spearheading the deal. Although the number of interested buyers is still unconfirmed, reports indicate that Yahoo has already received more than 40 expressions of interest.
The tech company has been facing a tumultuous period, with media reports depicting dysfunction within the company’s board of directors. Mayer and other directors are pursing different strategies to sell off Yahoo as it struggles to stay competitive.
Recently, the company hired JP Morgan, Goldman Sachs and PJT Partners to advice on a potential sell out deal. On the other hand, Mayer is working with Quattrone to arrive at a similar deal.
At a tech conference on Thursday, Ken Goldman, Yahoo CFO trashed reports of conflict within the company.
“I want to be very clear that we are all aligned in terms of providing the best value to our shareholders. This will be ultimate determinant of what we end up doing,” he said.
He continued, “I also want to be very clear that the Strategic Review Committee has brought advisors on board. Those are the only advisors working on our behalf. Period.”
Yahoo is facing immense pressure from the likes of Starboard Value, an activist investor, to implement drastic changes including management overhaul, cost structure review and sale of its non-core business.
The company is looking at prospects of packaging its core business with that of Yahoo Japan to create a more lucrative deal, according to reports by Bloomberg.
Last week, Yahoo began nominating new board members in a process that takes an entire month. So far, no submissions have been made. Meanwhile, the current board will meet with Starboard Value for the first time next week.