Leak: Yahoo opens books to potential buyers
updated 08:40 pm EDT, Tue October 4, 2011
Yahoo advisers share financial information
While it's no secret that Yahoo is looking for buyers, the latest unofficial update has its long-time advisers, Goldman Sachs Group Inc and Allen & Co, readying to give out financial information to potential buyers. An unnamed source for Reuters said various types of companies have been making various creative offers for Yahoo and its various businesses. Just this past weekend, Alibaba's CEO said he was interested in buying all of Yahoo.
"Almost everyone on the street has some angle they are trying to play," the source said regarding the bids. Private equity firm Silver Lake Partners has been in talks with Allen & Co, another source said.
The leaked memo sent to employees in September admitted the company is "fielding inquiries from multiple parties that have already expressed interest in a number of potential options."
It's expected Yahoo will take months to find a suitor. Allen & Co was hired in order to conduct a long-term strategic review.
Three years ago, Yahoo rejected Microsoft's $44.6 billion bid, with the board of directors and co-founder Jerry Yang (pictured) concluding that the offer substantially undervalued the company's worth. The company would eventually come to strike a major search deal with Microsoft during Carol Bartz's brief tenure as Yahoo CEO.
