Yahoo's Internal Memo Reveals a Possible Sale of the Internet Giant
Tuesday, 27 September 2011, 23:31 IST
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NEW YORK: Close on the heels of its CEO Carol Bartz being fired over phone, an internal memo sent by Yahoo! Chairman and founders to their employees have sparked rumours about a possible sale of the internet company. In their memo, Yahoo! Chairman Roy Bostock co-founders David Filo and Jerry Yang have said that a "strategic review" process was on to bring the company back to a robust growth path and multiple parties have "expressed interest in a number of potential options." The company executives did not specify the "potential options", neither did they name the "multiple parties" having evinced their interest in the company, but the memo has reignited the rumours about a possible merger or acquisition of the company. At the same time, the memo also said that the Yahoo! board has commenced a search for a permanent Chief Executive Officer and the process was on. Earlier this month, Bartz was sacked as Yahoo! CEO in a bizarre development over a phone call from Chairman Bostock. Soon after Bartz's exit, speculations had begun that Yahoo! might be open to possible merger and acquisition deals and there have also been unconfirmed reports that internet firm AOL could be interested in a merger deal. In the past also, there have been several failed attempts by technology giant Microsoft to acquire Yahoo!. In their memo, the top executives said that they would "move with a sense of urgency", but the process for the company's strategic review would take time and this could be "months, not weeks." It said that the employees could expect "periodic updates" on the process, but there was no specific details as of now. "In our recent all-hands meeting, we talked about the Board's strategic review to help return the company to a path of robust growth and industry-leading innovation," it said. "Our advisers are working with us to develop ideas that we will pursue proactively. At the same time, they are fielding inquiries from multiple parties that have already expressed interest in a number of potential options. "We will take the time we need to select and structure the best approach for the company, its shareholders and employees," it added.
Source: PTI
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