More than 10 companies want to buy Yahoo, with some willing pay $8 billion for the core business
AP Photo/Frank Franklin II
The report said that Yahoo will narrow down the bids to seven finalists over the weekend, but noted it will take at least another month to announce the final winning bid.
The bidders include Verizon, YP Holdings, TPG, and a group investors comprised of Bain Capital and Vista Equity Partners, as well as one or two unnamed "strategic firms," the report said.
That's a much shorter list of bidders compared to the 40-plus companies that were initially reported to be interested in Yahoo. Rakuten, for example, never held any talks with Yahoo, despite reports of placing a first round bid earlier this week, a person familiar with the matter told us.
Softbank, the majority owner of Yahoo Japan, has held talks with Verizon about Yahoo's minority stake in its Japanese partner site, but isn't interested in bidding for the core business, it said.
Yahoo CEO Marissa Mayer said in the company's earnings call this week that the sales process is a "top priority" and that she's meeting daily with various parties involved in the process.
But when asked for more details of the bidding process, she declined to share much, saying, "In order to protect the integrity of the process, we are not going to comment further on things like timing and/or particular offers."
Yahoo is struggling after a three-year turnaround effort led by Mayer failed to gain much traction. Recently, the company put its core internet business up for sale, following pressure from activist investors to make "significant changes" to the company.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
- Women in Leadership
- Rupee declines 5 paise to 83.43 against US dollar in early trade
- Election Commission issues notification for sixth phase of Lok Sabha polls
- 6 Coffee recipes you should try this summer