Yahoo! Inc. (YHOO) On The Block, Hires Advisors To Explorer ‘Strategic Alternatives’

Yahoo revealed Friday that it has formed a special committee of independent directors that will explore strategic alternatives and develop a process to reach out to interested parties for a possible sale.

Yahoo stock rose during premarket trading after the news broke, up 2.55 percent at 8.38am EST from the previous day's close.

Among the key considerations for the web giant  is what to do with its multibillion-dollar stake in Chinese e-commerce giant Alibaba. For tax reasons, Yahoo may separate itself from the holding in a move known as a reverse spin.