Rumors that Yahoo might be planning to reject bids on the company sent shares into a tailspin, leading to the company’s worst day of trading in two months. The market was responding to speculation that the company may sell the portion of its business in Asia and pass the proceeds on to stockholders.
The company has been searching for a replacement for fired CEO Carol Bartz since September, a move that sent the company’s price rocketing up 28 percent until today. Yahoo co-founder Jerry Yang has continued to champion the company, saying at the All Things Digital Asia conference in Hong Kong last week that it may not be wise to sell.
“The intent going in is not to put ourselves up for sale,” Yang told reporters. “The intent is to look at all options. There’s plenty of options for the board, and plenty of options for our shareholders to realize value.”
Read more at Bloomberg.