Yahoo sets April deadline for preliminary bids on Web, Asian assets
Yahoo has set a preliminary deadline of April 11 for bidders to submit their offers for the company's core Web business and Asian assets.
The Wall Street Journal reported on Monday that a letter has been sent to interested parties in recent weeks documenting the two-week deadline for proposals.
According to sources speaking to the WSJ, bids must include whether or not they are for simply the core Web business, Asian assets or both, as well as crucial details such as how the purchase would be financed, any conditions which will need to be met to push the acquisition bid through and information concerning any approval processes the bidders have to consider.
In addition, buyers must reveal whether they are interested in taking on Yahoo's full core Web business or just wish to purchase a stake in online marketplace Alibaba or Yahoo Japan.
The short deadline could mean Yahoo is gearing up to offload its assets and close a deal by June or July.
Approximately 40 companies are scrutinising the sale but Yahoo is attempting to whittle down this number to the most serious bidders. It has been reported that Verizon and Time Inc. are among the interested parties.
The WSJ reports that Microsoft has also held discussions based on financing a buyout to keep the revenue stream from the Microsoft-Yahoo search partnership flowing.
In the beginning of March, Yahoo CEO Marissa Meyer said the company has a three-year long "strategic plan" to turn the ailing tech giant's fortunes around.
Selling core assets and slicing the workforce is one way to save money, sure, but the future of Yahoo is still anyone's guess -- especially as the deadline for bids on the core Web business and Asian assets looms closer.
Last week, hedge fund investor Starboard Value LP, which owns approximately 1.7 percent of Yahoo, said the company's current board has "failed to deliver results" and nominated nine directors to overthrow the firm's executives and set up a new restructuring plan.
2016: The best high-end tablets for business users
Read on: Top picks