According to Bloomberg, telecom major Verizon is planning to make a bid for Yahoo’s web business. The company may also make an offer for a stake in Yahoo’s Japan subsidiary. Another bidder the report pointed out is Google, the main division of Alphabet Inc.
Verizon is serious about the bid that the company along with its subsidiary AOL Inc. are working with three financial advisers on the bid. Verizon showed interest in Yahoo’s core business in December, when Chief Financial Officer Fran Shammo said the company would “see if there is a strategic fit” for its holdings, which include mail, news, sports and advertising technology.
As of the selling of Japan subsidiary’s stake is concerned, Yahoo plans to sell its 35.5% stake worth $8.5 billion, along with the core business. “Verizon could give the Yahoo Japan stake to its shareholders or sell it,” Bloomberg quoted sources.
There were other suitors for the bid, including AT&T Inc, Comcast, and Microsoft, who have decided against bidding, adds the report. Time Inc. is still evaluating a bid while private equity funds Bain and TPG are also planning to make a run at the business. However, none of the representatives of these companies have confirmed the news.
Yahoo has extended the deadline to bid for its businesses by a week to 18 April.