Yahoo will be accepting preliminary bids for its core web business and Asian assets, including Alibaba and Yahoo Japan, until 11 April, the Wall Street Journal reported, citing people familiar with the matter.
In letters sent to possible buyers, Yahoo advisers asked them to submit proposals for their bids, including what assets they hope to acquire and for what price. Bidders will need to include such information as how they would finance a purchase, what conditions or approvals would have to be met on their end, and what key assumptions they would be making by deciding to move forward with a deal, the sources said. Assumptions might include how much of a tax bill would likely be incurred by a separation of the Alibaba and Yahoo Japan assets from the core business. Yahoo did not have an immediate comment.
The company wants to reduce the number of bidders from about 40 firms which all signed nondisclosure agreements to a smaller number of serious players. The company’s bankers have been contacting potential suitors such as Verizon Communications, IAC/InterActiveCorp and Time, as well as private-equity firms TPG and KKR, but the process is in the early stages.
By asking for preliminary bids in early April, Yahoo could potentially close a deal by June or July, when it is expected to hold its annual shareholder meeting and vote on proxy proposals. The company has yet to set a date for that meeting.
Source: http://www.telecompaper.com/news/yahoo-to-accept-bids-for-assets-until-11-april-report--1135547