Date
24 July 2017
Yahoo asked possible buyers to submit proposals for their bids, including what assets they hope to acquire and for what price. Photo: Bloomberg
Yahoo asked possible buyers to submit proposals for their bids, including what assets they hope to acquire and for what price. Photo: Bloomberg

Yahoo sets April 11 deadline for preliminary bids

Yahoo Inc. has set an April 11 deadline to submit preliminary bids for its web business and Asian assets, The Wall Street Journal reported, citing sources.

Advisers of the internet company asked possible buyers to submit proposals for their bids, including what assets they hope to acquire and for what price, the newspaper said.

Some buyers may be only interested in Yahoo’s core web business, or pieces of it, while others may also propose bids for stakes in Alibaba Group Holding Ltd. or Yahoo Japan, the report said.

The company also 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 newspaper said.

Yahoo launched an auction of its core business in February after it shelved plans to spin off its stake in Alibaba.

Activist hedge fund Starboard Value LP, which owns about 1.7 percent of Yahoo, launched a proxy fight last week in an attempt to overthrow the entire board of Yahoo, Reuters said.

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, the news agency said.

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