The old-age search engine Yahoo has decided to sell its core business and some assets in Asian countries. Today, Yahoo announced the deadline for bidding on their core businesses and property. The Yahoo asked their bidders about the additional details like Financing, Conditions and approvals, to proceed with the bidding process and then signing the deal.
The Yahoo announced the deadline for bidders which is April 11th. The possible bidders received the letter sent by Yahoo asking the details to proceed with bidding, said sources. In February, Yahoo launched the auction of their assets and core businesses and asked bidders to bid appropriate amount purchase assets of Yahoo. Yahoo was once the biggest internet company. Now, they are just like the faded star, which is about to blast anytime soon. The drastic fall in Yahoo’s popularity and innovation is the reason behind the Auction to sell off its core business.
The American Telecommunication company, Verizon and Time. Inc is the top two expected bidders, who might buy the businesses and assets of Yahoo in the auction. Also, there are many private equity funds companies, who seems to be interested in this auction. Recently, the Hedge fund, Starboard started the Proxy fight to remove the Yahoo board members. The starboard hedge fund owns almost 1.7% of stake in Yahoo’s business.