Shares rose more than 3 percent before the opening bell yesterday.

Yahoo Inc is under extraordinary pressure from big shareholders who are threatening a proxy fight with the company.

It cut 15 percent of its staff earlier this month with investors pushing for a sale of Yahoo's core Internet operations after 3 1/2 years of declining revenue under CEO Marissa Mayer.

The company yesterday said that it had hired Goldman Sachs, JP Morgan and PJT Partners Inc as advisers to the new committee tasked with engaging interested strategic and financial parties.

Mayer said in a written statement yesterday that splitting off Yahoo's lucrative stake in China's Alibaba is 'essential' to boost shareholder value.

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