News
Internet company seeks offers for Web business, Alibaba, Yahoo Japan, sources say.
Yahoo is accepting bids for the various assets it is selling off, including including its core Web business, and has given interested parties until 11 April to table their offers, it emerged this week.
The Internet company is courting potential suitors for its Web business, in whole or in part, as well as for stakes in Alibaba and Yahoo Japan, the Wall Street Journal reported on Monday, citing unnamed sources familiar with the matter.
The firm’s advisors sent letters to possible buyers in the past few days asking them to submit financial bids for the assets they are interested in, the sources said. They were also asked to provide additional details on any conditions that would have to be met for a deal to take place and what assumptions they would make with regard to any deal; the latter could include assumptions on the tax bill that could be accrued as a result of the separation of Alibaba or Yahoo Japan from the parent company, the Journal explained.
As many as 40 firms have signed a non-disclosure agreement with Yahoo in recent weeks, but the firm is hoping to whittle down the list to a handful of genuinely interested buyers, the report said.
It named Verizon, IAC/InterActiveCorp. and Time as potential suitors, as well as a couple of private equity firms. It also cited a source as saying that Microsoft has held talks with private equity companies with a view to financing a buyout.
Based on its early April deadline for the submission of bids, Yahoo could close a deal by June or July, the Wall Street Journal noted.
