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Yahoo’s management team is meeting every day with advisers and a special board committee as the company explores “strategic alternatives” that involve everything from selling the company to spinning off the business, CEO Marissa Mayer said on Tuesday.
Addressing what she referred to as “misconceptions” and “external noise” about the situation, Mayer said that she completely supported the Yahoo board’s efforts to explore a sale of the company while simultaneously considering other options such as a spin-off of the core business.
“Let me be unequivocal, our board, the management team, and I have made the strategic alternative process a top priority,” Mayer said during the company’s first-quarter results conference call.
Asked about the various strategic alternatives, Mayer noted that the company continued to do “some work” around the so-called reverse spin-off of Yahoo’s core business, “but obviously the larger volume of work is being done on the process around the sale.”
But Mayer and CFO Ken Goldman steadfastly refused to provide any details about any acquisition offers the company may have received.
“In order to protect the integrity of the process, we are not going to comment further on things like timing and/or particular offers,” Mayer said.
Yahoo has reportedly received acquisition offers from several bidders, including telecommunications giant Verizon and private-equity firm TPG.
‘Hundreds of requests’
Mayer said that she and Goldman have personally answered “hundreds of requests for information” from various parties involved in the process, meeting with people in person and on the phone.
Some media reports have suggested that Yahoo has been dragging its feet on the sales process, suggesting that the management team is not truly interested in selling the company but is merely going through the motions to placate antsy shareholders, including activist hedge fund Starboard Value.
Mayer did not provide details about any of the acquisition bids that have been recently submitted, but she said that the company was moving “expeditiously.” She also said that Yahoo would not provide any other updates on the process.