Yahoo has hired UBS and Allen and Co. to help it navigate a period in which it is dealing with an activist shareholder and trying to determine ways it can enhance value, according to people close to the company. While the investment banks have not been hired to try and find buyers for the company, they will also help the board navigate any offers, should any arise.
UBS had worked for months with Yahoo earlier this year on a plan to try and exit or otherwise monetize its investment in Yahoo Japan, but failed to reach any deal that would have made economic sense for the company.
Despite that failure, both banks are expected to review Yahoo's Asian assets with "fresh eyes" in hopes of discovering a path that will enhance shareholder value.
The board has yet to officially approve the hiring of Allen, but is expected to do so shortly. UBS, having been hired previously, is simply re-engaging for the new assignment. It is also possible the company ads one more advisor, likely a big bank, down the road.
Follow David on Twitter: @DavidFaberCNBC
Questions? Comments? Write to firstname.lastname@example.org .