As per the WSJ with April 11 set as a deadline for the preliminary bids, Yahoo is likely to finalise the deal by June or July this year.
Citing sources, the Wall Street Journal has reported that Yahoo Inc has set April 11 as a deadline for submitting preliminary bids for its web business and Asian assets.
Citing a letter sent to bidders, the Journal has reported that Yahoo has asked bidders financing details such as their key assumptions and conditions that would necessarily have to be met for the deal to go ahead, key approvals that would decide on the forward movement of the deal.
As per the Journal, if the deadline for the preliminary bids are for April, Yahoo could potentially close the deal by June or July.
Yahoo could not be immediately reached for a comment outside regular business hours.
A giant and a pioneer of the early days of the internet, Yahoo had launched the auctioning of its core business assets in February after it shelved its plans of spinning off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.
Last week, activist investor Starboard Value LP, attempted to overthrow Yahoo’s entire board of directors. Starboard Value LP has a 1.7% stake in Yahoo and has been waging a proxy war.
Among the companieswho are set to bid for Yahoo’s core assets include telecom giant Verizon Communication Inc. and publishing giant Time Inc. A few private equity firms are also expected to join the bidding process.