The main point: It’s officially for sale. Yahoo sets deadline for possible sale: report
At least that’s according to a report Monday that the beleaguered firm in recent days sent letters to prospective purchasers telling them preliminary bids must be submitted by April 11. Would-be buyers were instructed to specify the assets they wanted, and the price they would pay, according to the Wall Street Journal.
The WSJ said some buyers may only be interested in Yahoo’s core Internet business, or parts thereof, and others might bid for stakes in Yahoo’s interest in Alibaba Group Holdings or Yahoo Japan.
Yahoo also asked potential bidders to explain how they would finance a purchase, what conditions they would require, and what key assumptions they would be making in seeking a deal, the paper reported.
The WSJ based its report on unnamed “people familiar with the matter.”
Yahoo has not explicitly said it’s up for sale, but has hired banks and formed a committee to look into “strategic initiatives.” Those moves have been universally interpreted as preliminary to a sale.
Verizon, Comcast, AT&T and private equity firms have all been floated by analysts as possible buyers.
Yahoo is facing an activist-shareholder revolt as it sheds jobs and products. It seeks to cut 15 percent of its workforce, or 1,600 jobs, by year’s end, and has laid off more than 400 California workers. The company’s stock has plunged from a 2014 10-year high of $52.62, and closes today at $35.23.