Yahoo sets April 11 for deadline of preliminary bid

Posted by Amechi Obiakpu | 30 March 2016 | 2,109 times

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Internet giant, Yahoo has given potential investors up to April 11 to submit preliminary bids for its core web business.

According to Skynews, Yahoo is looking at selling its internet arm as well as its Asian businesses following the continuous fall in revenue despite previous shake-up efforts in recent time.

Yahoo 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.

Source: News Express

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