Yahoo extends bid deadline by a week

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Yahoo World HQ

Yahoo has extended its deadline to bid for its business until April 18th, tech site Re/code reported recently citing people familiar with the matter.

Shares in the search company rose 1.7 percent in early trading, with the company setting an April 11th deadline for preliminary bids which could result in a deal by June or July, according to the Wall Street Journal.

Yahoo has launched an auction of its Internet business including search, mail and news sites, after abandoning its plan to spin off its stake in Chinese firm Alibaba Group Holding Ltd.

The company has been finding it difficult to keep up with Google and Facebook in the battle for online advertisers.

Verizon Communications is apparently ready to bid for its web business, and hopes to make any potential merger more successful by offering to buy a stake in Yahoo Japan Corp, Bloomberg reported on Thursday last week.

Google is also considering a bid for Yahoo’s core business, Bloomberg reports.

The firm is under pressure from Starboard Value LP which recently tried to overthrow the board of the company last month, including CEO Marissa Mayer.

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.

SOURCE: Reuters.

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