Struggling Yahoo Sets Sale Timetable

The faded internet pioneer is said to have told possible suitors for its core business to submit preliminary bids by 11 April.

Struggling internet giant Yahoo has reportedly given interested buyers two weeks to bid for its core web business as it tries to see off an attempted boardroom coup by a US activist investor.

Potential bidders have been given until 11 April to put forward preliminary offers for the group’s internet arm as well as its Asian businesses, according to the Wall Street Journal.

It could mean Yahoo closing a deal by June or July, according to the Journal. There was no immediate response from the group.

The faded internet pioneer put its core business up for sale in February after shelving plans to spin off its lucrative $33bn (£23bn) stake in Chinese e-commerce business Alibaba – which could have landed it with a tax bill of more than $10bn (£7bn).

Possible buyers are said to include US telecoms giant Verizon Communications and publisher Time Inc as well as private equity investors TPG and Kohlberg Kravis Roberts.

Yahoo chief executive Marissa Mayer has faced growing pressure to bolster the group’s performance and share price, with activist investor Starboard Value last week launching a battle to replace its entire board.

The company last month launched its latest turnaround plan which includes cutting around 1,700 jobs or 15% of its workforce, with an aim of saving around $400m (£280m) a year.

Yahoo has seen revenues continue to decline despite previous shake-up efforts under Ms Mayer.

 

 

 

 

Source: SKY NEWS

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