Yahoo Issues Update On Special Advisory Committee, Notes Company Remains 'Thoroughly Committed To Exploring Strategic Alternatives'

Shares of

were trading higher by nearly 2 percent late Friday afternoon after the company updated investors on its independent committee that was formed to evaluate strategic alternatives. Related Link:

According to Yahoo's press release, the committee is " establishing a process for outreach to and engagement with potentially interested strategic and financial parties." The committee will then report its findings to the Board and will recommend if a proposed transaction is in the best interests of the company and its shareholders. Yahoo also noted that its Board of Directors remains "thoroughly committed to exploring strategic alternatives while simultaneously supporting management and the employees in their implementation of Yahoo's strategic plan." In addition, separating Yahoo's stake in

stake remains "essential" to maximizing shareholder value, according to a statement by the company's CEO Marissa Mayer. Finally, Yahoo said it does not intent on adding any further disclosures regarding its strategic alternative plans until a definite transaction agreement is made or a determination that none will be pursued. "As both shareholders and employees, all of us here at Yahoo want to return this iconic company to greatness," Mayer also said in the press release."We can best achieve this by working with the committee to pursue various strategic alternatives while, in parallel, aggressively executing our strategic plan to strengthen our growth businesses and improve efficiency and profitability."