Written by The Business Journal Staff
(AP) — Yahoo’s board has created a committee of independent directors and hired a trio of economic advisers in its long-running bid to redefine itself.
Shares rose more than 3 percent before the opening bell Friday.
Yahoo Inc. is under extraordinary pressure from big shareholders who are threating a proxy fight with the company. It cut 15 percent of its staff earlier this month with investors pushing for a sale of Yahoo’s core Internet operations after 3 1/2 years of declining revenue under CEO Marissa Mayer.
The company on Friday said that it had hired Goldman Sachs, J.P. Morgan and PJT Partners Inc. as advisers to the new committee tasked with engaging interested strategic and financial parties.
Mayer said in a written statement Friday that splitting off Yahoo’s lucrative stake in China’s Alibaba is “essential” to boost shareholder value.