updated 06:50 pm EDT, Fri September 23, 2011
Yahoo! renews search for potential buyers
Yahoo! co-founder Jerry Yang has admitted that the company is up for sale. A leaked internal memo has obtained by Business Insider reveals that Yahoo’s board has engaged Allen & Company to field enquiries from ‘multiple parties that have already expressed interest in a number of potential options.’ Yang also advised that the company was also now deep in the process of hiring a permanent CEO to replace Carol Bartz, following her recent sacking.
Yang also indicated that the Yahoo! board is currently in the process of conducting a wide-ranging review of the company’s operations who are looking at was of delivering better value for shareholders. Yang explains that Yahoo! currently has over 680 million users and retains nine of the #1 properties in the US.
The most recent move to sell Yahoo! comes just over three years since Microsoft made a bid of $44.6 billion for the company – a bid that was rejected when Yang, an Apple fan, was at the helm of the company. At the time, it was claimed that the deal was rejected because the offer “substantially undervalues” Yahoo’s worth. Since, then the Yahoo!, under the stewardship of Carol Bartz, signed a search engine deal with Microsoft designed to help drive users to Yahoo.
It is not known whether Microsoft remains interested in acquiring Yahoo!.