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WSJ: Yahoo Announces 11 April the Deadline for Preliminary Bids

Yahoo Inc. has set the deadline of 11th April 11 to submit the preliminary bids for its Asian assets & the web business, reported The Wall Street Journal on Monday, citing the sources.

Yahoo inquired the bidders about the details regarding financing, approvals, or conditions that would have to be covered on their end.

They also inquired about what key expectations they would be making by determining to move forward with a deal, said the Wall Street Journal, while citing a letter that was sent out to the possible bidders.

The Journal suspected that the deadline for the preliminary bids in April could also mean that Yahoo could close a deal by June or July.

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Yahoo could not be directly reached for a comment outside the regular business hours.

Yahoo, the faded Internet pioneer had launched an auction of its core business in Feb after it has shelved the plans to spin off its stake in Alibaba Group Holding Ltd, that is the Chinese e-commerce giant.

The Activist hedge fund Starboard Value LP that owns about 1.7% of Yahoo, last week had launched a proxy fight in a challenge to take over the entire board of Yahoo.

Verizon Communications Inc., the Telecommunications Company & Time Inc., the publisher are among the companies that are expected to bid for Yahoo’s core business.

However some other private equity firms are predicted to team up and make their offers.

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