Yahoo has appointed advisers to explore ways of maximising the value of its stake in Yahoo Japan, sending its shares higher in after-hours trading on Tuesday despite disappointing first-quarter earnings.
Marissa Mayer, Yahoo chief executive, addressed a push by Starboard Value, an activist shareholder, for the internet company to spin off the 35.5 per cent stake which is valued at about $9bn.
Ms Mayer said Yahoo had hired advisers “to determine the most promising opportunities to maximise the value and the options of Yahoo Japan” which had been left out of the plans to spin off the company’s $30bn-plus Alibaba stake by the end of this year.
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