If Yahoo sells, Mayer will probably lose her job after four years as CEO and walk away with a $55 million severance package. Activist shareholder Starboard Value had threatened to lead a mutiny aimed at ousting Mayer until Yahoo agreed two months ago to give the fund four seats on its 11-member board.
Mayer, 41, defended her efforts to broaden Yahoo's audience and sell more advertising by focusing more on mobile apps and adding hundreds of other features to its array of digital services during her nearly four-year tenure.
"We are proud of our achievements overall in our products," she said.
Most of those products are now on the auction block. Various media outlets have reported that Yahoo has received offers exceeding $3 billion for a portfolio of digital services that includes the company's email, news, sports and finance sections.
The bidders include Verizon Communications, a group led by Quicken Loans founder Dan Gilbert, and various private equity firms that specialize in buying struggling companies at discount prices.
Yahoo has steadfastly refused to provide any updates on its deliberations since its board hired investment bankers and other advisers to round up prospective buyers four months ago. Mayer told shareholders Thursday that she has been encouraged by the level of interest in Yahoo's internet business, though most analysts initially thought the company would fetch more than the $4.4 billion that Verizon paid for AOL last year.
The company restricted attendance to Thursday's meeting in Santa Clara, California, to shareholders and their appointed representatives, forcing The Associated Press and other media to watch the proceedings on a webcast. Yahoo also recently began soliciting bidders for a package of about 4,000 technology patents, representing most of its intellectual property.