Yahoo Sets Deadline For Preliminary Bids April 11: Report

Yahoo has set an April 11 deadline for prospective purchasers to submit preliminary bids for its Asian assets and its web business, the Wall Street Journal reported Monday, citing sources.

Yahoo asked bidders details about financing, conditions or approvals that 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 Journal said, citing a letter sent to possible bidders. A deadline for preliminary bids in April could mean that Yahoo could close a deal by June or July, the Journal said.

Yahoo could not be immediately reached for a comment outside regular business hours.

The faded internet pioneer launched an auction of its core business in February after it shelved plans to spin off its stake in the Chinese online-commerce giant Alibaba Group Holding.

Activist hedge fund Starboard Value, owner of about 1.7 percent of Yahoo, launched a proxy fight last week in an attempt to overthrow Yahoo’s entire board.

Publisher Time Inc. and telecommunications company Verizon Communications are among the prospective purchasers expected to bid for Yahoo’s core business, while some private equity firms are expected to team up to make offers.