Post by The Ultimate Nullifier on May 16, 2016 8:32:08 GMT -6
variety.com/2016/digital/news/yahoo-bid-warren-buffett-quicken-founder-1201775685/
Warren Buffett, Quicken Loans Founder Team on Yahoo Bid: Reports
Billionaire Warren Buffett is making a play for Yahoo, teaming up with Quicken founder and Cleveland Cavaliers owner Dan Gilbert on a joint bid for the struggling Internet company, according to reports.
The duo have submitted an offer for Yahoo’s core business, as first reported by Reuters, part of a second round of bids that are currently being evaluated by the Yahoo board and its advisers. Others said to be vying to acquire the Yahoo assets include Verizon Communications, private-equity firm TPG and an investment consortium led by Bain Capital and Vista Equity Partners.
According to reports, Buffett’s Berkshire Hathaway conglomerate is backing Gilbert’s bid for Yahoo with a pledge to help finance an acquisition. The two investors have enlisted as advisers two former Yahoo execs — Dan Rosensweig, now CEO of Chegg, and Tim Cadogan, chairman and CEO of the online-advertising company OpenX Technologies — Recode reported.
Separately, on Monday Berkshire Hathaway disclosed that it acquired a stake in Apple worth more than $1 billion.
Yahoo, which is projecting continuing declines in its core display ad and search businesses for 2016, officially put itself on the block in February. Bids for the company’s web operations and other assets including patents and real estate holdings could top $8 billion, according to an estimate by Wall Street research firm SunTrust.
Last month, Yahoo resolved its battle with activist investor Starboard Value, under which it named four new independent directors nominated by Starboard — including Starboard CEO Jeffrey Smith, who has been an outspoken critic of CEO Marissa Mayer. Starboard had previously nominated a slate of nine candidates, seeking to oust Mayer and the other existing board members.
Warren Buffett, Quicken Loans Founder Team on Yahoo Bid: Reports
Billionaire Warren Buffett is making a play for Yahoo, teaming up with Quicken founder and Cleveland Cavaliers owner Dan Gilbert on a joint bid for the struggling Internet company, according to reports.
The duo have submitted an offer for Yahoo’s core business, as first reported by Reuters, part of a second round of bids that are currently being evaluated by the Yahoo board and its advisers. Others said to be vying to acquire the Yahoo assets include Verizon Communications, private-equity firm TPG and an investment consortium led by Bain Capital and Vista Equity Partners.
According to reports, Buffett’s Berkshire Hathaway conglomerate is backing Gilbert’s bid for Yahoo with a pledge to help finance an acquisition. The two investors have enlisted as advisers two former Yahoo execs — Dan Rosensweig, now CEO of Chegg, and Tim Cadogan, chairman and CEO of the online-advertising company OpenX Technologies — Recode reported.
Separately, on Monday Berkshire Hathaway disclosed that it acquired a stake in Apple worth more than $1 billion.
Yahoo, which is projecting continuing declines in its core display ad and search businesses for 2016, officially put itself on the block in February. Bids for the company’s web operations and other assets including patents and real estate holdings could top $8 billion, according to an estimate by Wall Street research firm SunTrust.
Last month, Yahoo resolved its battle with activist investor Starboard Value, under which it named four new independent directors nominated by Starboard — including Starboard CEO Jeffrey Smith, who has been an outspoken critic of CEO Marissa Mayer. Starboard had previously nominated a slate of nine candidates, seeking to oust Mayer and the other existing board members.