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Yahoo Confirms It Has Heard From Potential Buyers

Yahoo’s board confirmed on Friday in an internal letter to employees that it was exploring strategic options and had hired Allen & Company as its financial adviser, according to a copy of the memo obtained by DealBook.

“At this point, we cannot offer many specifics about the board’s review; we’ve just gotten started,” said the letter from Yahoo’s co-founders, Jerry Yang and David Filo, and Roy Bostock, the company chairman. “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.”

In a call to arms, the letter urged Yahoo’s employees to remain optimistic about the company’s future and to be patient as the board reviewed its options. The board, which has been dogged by rumors of infighting, also tried to portray a united front in the letter, emphasizing that the “board and management team are fully aligned and unanimous in their views regarding the scope of this work.”

In the wake of the abrupt dismissal of its chief executive, Carol A. Bartz, in early September, the board has been considering the sale of part or all of the company, according to people close to the matter, who requested anonymity because the talks were private.
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