Yahoo sets two-week deadline for internet business bids

Buyers interested in buying Yahoo’s web business will have two weeks to submit their bids, it has been reported.

The Wall Street Journal said the the tech firm had set April 11th as the deadline to make their initial offers for the internet arms and the group’s Asian businesses.

Yahoo is under pressure from activist investor Starboard Value, which last week began a battle to replace the firm’s entire board. It has nominated nine people to Yahoo’s board and investors are set to vote on Starboard’s plans at the firm’s annual shareholder meeting in the summer.

Yahoo put its core business up for sale in February after shelving plans to spin off its lucrative $33 billion stake in Chinese ecommerce group Alibaba, which could have landed it with a tax bill of more than $10 billion.

Among the potential buyers for the business are telecoms firm Verizon Communications, publisher Time, and private equity firms TPG and Kohlberg Kravis Roberts.

Chief executive Marissa Mayer has struggled to bolster the group's performance and share price. Revenues have continued to decline, despite previous turnaround efforts.

As part of plan to save $400 million a year, the company is cutting 15 per cent of its workforce, with about 1,700 employees to go in the shake up.

Yahoo also plans to close offices in Dubai, Mexico City, Buenos Aires, Madrid and Milan.

Additional reporting: PA