Shares in pre-market in beleaguered search engine giant Yahoo (NASDAQ:YHOO) nudged up as it laid down a timetable for a potential sale of its core web business.
According to reports, the web group has given April 11 as the deadline for interested parties to put forward preliminary offers.
It comes as the firm is trying to see off a boardroom shakeup by activist investor Starboard Value.
Last week, the activist insisted the entire board be axed and replaced by its own picks, including Starboard managing partner Jeffrey C Smith, citing the group's "appalling" financial track record.
Yahoo is attempting to sell off the core and keep its main moneymaking proposition - a stake in Chinese e-commerce giant Alibaba (NASDAQ:BABA) after a string of losses in new business units including news and video.
Chief executive Marissa Mayer has come under increasing pressure to improve performance and last month, unveiled a turnaround plan, which included job cuts to save around US$400mln a year.
Meanwhile, last week, Smith wrote in a letter to fellow shareholders:
“[W]e have been extremely disappointed with Yahoo’s dismal financial performance, poor management execution, egregious compensation and hiring practices, and general lack of accountability and oversight by the Board.
“We believe the board clearly lacks the leadership, objectivity, and perspective needed to make decisions that are in the best interests of shareholders."
Yahoo shares added 0.20% in pre-market to US$35.23.