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27
Jun

Yahoo Reportedly Turned Down Offers for Its Core Internet Business

Posted by on in Business Research
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Yahoo is reported to have rejected "several" offers to take over its core internet business, Reuters reported on Thursday.

 

It said the potential buyers included a private-equity firm, citing three anonymous sources.

 

The report added that Yahoo will most likely announce its next strategic steps only after its earnings, which is scheduled for February 2.

 

One of the sources told Reuters that Yahoo will present its future plan during the earnings call in order to "gauge shareholder reaction."

 

The last time Yahoo rebuffed offers to buy its core business was in December, before the board meeting in which the company decided not to spin off its Alibaba assets, the report said. Yahoo never launched a formal sales process.

 

In December, Yahoo reversed its plan to spin off its holdings in Asian assets, announcing that it would explore a spin-off of its core business instead. Yahoo's chairman, Maynard Webb, said it's not looking to sell the core business, although he indicated that the company would listen to offers.

 

That prompted activist investor Starboard to send a letter to Yahoo's board, demanding a sale of its core business and a complete overhaul of management.

 

Yahoo's growth has stalled in recent years, and investors are increasingly growing impatient with Yahoo CEO Marissa Mayer's performance. Excluding Yahoo's stake in its Asian assets, investors are essentially giving zero value to Yahoo's core business, which include its online content and advertising units.

 

According to Business Insider's Biz Carson, Yahoo is preparing to cut 10% or more of its workforce this month, as the company preps for a major organizational shake-up.

 

Yahoo declined to comment on this story.

 

Source:  http://www.inc.com/business-insider/yahoo-reportedly-rejected-several-offers-to-buy-core-internet-business.html

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