Let the bidding begin: Yahoo sets April 11 deadline for preliminary offers for its core business

(By Rishika Sadam, Reuters) – Yahoo Inc has set an April 11 deadline to submit preliminary bids for its web business and Asian assets, The Wall Street Journal reported on Monday, citing sources.

Yahoo asked bidders details regarding financing, conditions or approvals that would have to be met on their end, and what key assumptions they would be making by deciding to move forward with a deal, the Journal said, citing a letter sent to possible bidders.

A deadline for preliminary bids in April could mean that Yahoo could close a deal by June or July, the Journal said.

Yahoo could not be immediately reached for a comment outside regular business hours.

The faded Internet pioneer launched an auction of its core business in February after it shelved plans to spin off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.

Activist hedge fund Starboard Value LP, which owns about 1.7 percent of Yahoo, launched a proxy fight last week in an attempt to overthrow the entire board of Yahoo.

Telecommunications company Verizon Communications Inc. and publisher Time Inc. are among companies expected to bid for Yahoo’s core business, while some private equity firms are expected to team up to make offers.