In a letter to Yahoo! (YHOO - Get Report) employees, Chief Executive Jerry Yang has confirmed the company's board has hired Allen & Company to do a "strategic review to help the Company to a path of robust growth." The letter, first leaked on Friday indicated the company may be considering a review of the company, code word for a sale or merger, which had been reported earlier in the week by Bloomberg News. The stock gained more than 5% after the news broke.
The largest U.S. website by viewers is reeling after its board voted to fire former Chief Executive Carol Bartz earlier this September and replace her with CFO Timothy Morse on an interim basis. The Sunnyvale, California based Company has been in talks with AOL Chief Executive Tim Armstrong about a potential merger. A merged Yahoo! and AOL (AOL - Get Report) would likely keep Armstrong on as CEO to run the combined company.
In the letter co-signed by Yang, Chairman Roy Bostock and co-founder David Filo the managers wrote to employees that, "You should know that the entire Board and management team are fully aligned and unanimous in their views regarding the scope of this work." The statement appears to be a way to show workers that the board is working in unity, a contrast to Hewlett Packard's (HPQ) board dispute over who and how to run the struggling personal computer maker.The letter stated that "we need to anticipate what