Yahoo bids less than expected, report says
The deadline for this second round of bids is the first week of June, the Journal says, and it is unclear whether additional rounds of bidding will be needed.
This sale process began after Yahoo abandoned plans for a tax-free spinoff of its stake in Chinese e-commerce giant Alibaba. Then, the Yahoo board proposed a tax-free spinoff of the company's core assets, but activist investor Starboard Value and other shareholders urged the company to instead consider a sale.
In addition to Verizon, other bidders include several private-equity buyers and a consortium that includes billionaire investor
These lower figures don't necessarily run counter to analysts' estimates that Yahoo's core business could draw bids of up to $8 billion, says SunTrust Robinson Humphrey analyst Robert Peck. "We think it is unclear as to what is being bid for, and it is important to understand that there are various assets that Yahoo can potentially sell," he said in a note to investors Friday.
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