Ken Goldman, the chief financial officer of Yahoo! Inc. (NASDAQ:YHOO) said the company’s strategic review to sell its core internet business is “well along the way” during the Global Technology, Media and Telecom Conference hosted by JP Morgan Chase & Co. (NYSE:JPM).
The stock price of Yahoo is up by more than 2% to $37.62 per share at the time of this writing around 2:25 in the afternoon in New York.
Yahoo is taking the sales process “extremely seriously”
According to Goldman, Yahoo’s sale process is “very robust” with the support of the strategic committee of the company’s Board. He said the Board is working hard in tandem with the committee for the best possible process and their collective goal is to find ways for Yahoo to become better for the benefit of however it goes than staying independent.
He said, “It is a robust process, I think it’s well along the way; it’s going, I think very, very well.” Goldman did not provide specific details regarding the sale process but pointed out that they are taking it “extremely seriously” and spending majority of their time on it.
Goldman emphasized, “We are continuing to work tirelessly to get to the right place.” He added that they are making progress in streamlining the operations of the company. Currently, Yahoo has approximately 9,000 employees, down from 10,400 at the end of 2015.
In February, Yahoo created an Independent Committee to explore and review strategic options including a possible sale of its core assets amid pressure from activist investors such as Starboard Value and SpringOwl Management—both demanded changes within the company.
The Board of Directors of the company also implemented a strategic plan to drive growth.
Bidders for the company’s assets
Recent reported indicated that some of the bidders for Yahoo’s assets included Verizon Communications (NYSE:VZ), TPG Capital, YP Holdings, and a consortium of investors led by Bain Capital and Vista Equity Partners, and group of investors led by Dan Gilbert, Chairman and founder of Quicken Loans.
Last week, Warren Buffett, the Chairman of Berkshire Hathaway (NYSE:BRK.A. (NYSE:BRK.B) confirmed that he is willing to help finance Gilbert’s bid for Yahoo’s internet assets. Gilbert and Buffett are close friends.