Buffet backs Yahoo bidder - report

News Broadband Global 16 MAY 2016
Buffet backs Yahoo bidder - report
Berkshire Hathaway Chairman Warren Buffett is backing a consortium vying for Yahoos internet assets, people familiar with the matter told Reuters. The group includes Dan Gilbert, the founder of Quicken Loans. The consortium is in the second round of bidding in the auction for Yahoo's assets, the people said. Buffett is helping finance the offer, one source added. 

Reuters reported last month that Yahoo had shortlisted close to 10 bidders in the auction for its assets, with most offers coming from private equity firms. Verizon is thought to be the favourite to acquire Yahoo's internet properties. 

Re/code reports separately that former Yahoo executives Dan Rosensweig and Tim Cadogan have been advising the group led by Gilbert. The former senior Yahoo executives Ross Levinsohn, Bill Wise and Ken Fuchs also are involved in another bid, from Vista Equity Partners and Bain Capital. 

Categories:

Internet

Companies:

Verizon,  Yahoo

Regions:

Global

Tags:

M&A buyouts & divestments

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