Yahoo sets 11 April deadline for takeover bids: report
29 March 2016
Yahoo Inc has set an 11 April deadline to submit preliminary bids for its web business and Asian assets, The Wall Street Journal reported on Monday, citing sources.
Microsoft is reported to be engaged in early talks with potential Yahoo investors about financing a buyout of the troubled interney giant. (See: Microsoft meets investors trying to buy out Yahoo: report)
Yahoo asked bidders details regarding financing, conditions or approvals that would have to be met on their end, and what key assumptions they would be making by deciding to move forward with a deal, the Journal said, citing a letter sent to possible bidders.
A deadline for preliminary bids in April could mean that Yahoo could close a deal by June or July, the Journal said. Yahoo had no immediate comment.
The faded internet pioneer launched an auction of its core business in February after it shelved plans to spin off its stake in Chinese ecommerce giant Alibaba Group Holding Ltd.
Activist hedge fund Starboard Value LP, which owns about 1.7 per cent of Yahoo, launched a proxy fight last week in an attempt to overthrow the entire board of Yahoo (Activist investor revolts against Marissa Mayer and Yahoo board).
Telecommunications company Verizon Communications Inc and publisher Time Inc are among companies expected to bid for Yahoo's core business, while some private equity firms are expected to team up to make offers.