Yahoo Extends Deadline for Bids by a Week: Report

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Yahoo Extends Deadline for Bids by a Week: Report

Yahoo Inc has extended the deadline to bid for its businesses by a week to April 18, technology news website Re/code reported, citing people familiar with the matter.

Yahoo, whose shares were up 1.7 percent in early trading, had set an April 11 deadline for preliminary bids, which could yield a deal by June or July, the Wall Street Journal had reported.

Yahoo has launched an auction of its core Internet business, which includes search, mail and news sites, after abandoning its plan to spin-off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.

The company has been struggling to keep up with Alphabet Inc’s Google unit and Facebook Inc in the battle for online advertisers.

Verizon Communications Inc is ready to make a bid for Yahoo’s Web business, and hopes to make a merger more successful by also making an offer for a stake in Yahoo Japan Corp, Bloomberg reported on Thursday.

Google is also mulling a bid for Yahoo’s core business, Bloomberg reported, citing a source.

However, Re/code’s Kara Swisher said that a Google bid was “highly unlikely.”

Yahoo is also under pressure from activist investor Starboard Value LP which moved to overthrow the entire board of the company, including Chief Executive Marissa Mayer, last month.

Yahoo spokeswoman Rebecca Neufeld said the company had no comment.

Yahoo shares, which have risen about 9 percent since the beginning of the year, were up 1.4 percent at $36.67 in early trading.

© Thomson Reuters 2016

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Tags: Google, Internet, Marissa Mayer, Verizon, Yahoo