Yahoo moves forward in exploring a sale

Yahoo announced on Friday it has taken more steps to explore a potential sale, by setting up an independent committee to reach out and consider offers from potential buyers.

The Sunnyvale tech giant also said it is working with investment banks Goldman Sachs & Co. Inc., J.P. Morgan and PJT Partners and law firm Cravath, Swaine & Moore LLP.

The other two plans focus on separating Yahoo from its investment stake in Chinese e-commerce firm Alibaba, by either spinning off or selling its core business.

“Some interested parties have expressed a lack of engagement and process by the company, making them question the seriousness of the firm and management in seeking strategic alternatives,” Peck said in a note to investors this week.

Activist investor SpringOwl Asset Management LLC, which has called for new management at Yahoo and has threatened to pursue a proxy battle to replace members of its board, said it believes the tech company is responding to SpringOwl’s “calls for change.”