Beleaguered Yahoo inviting bids

The Californian tech company is dealing with drama in the boardroom...

Beleaguered Yahoo inviting bids

Picture by: Dominic Lipinski / PA Wire/Press Association Images

Yahoo has told potential buyers that they have until April 11 to enter preliminary bids for the company.

The multinational is looking to sell off its online business as well as its Asian assets, according to a Monday report from the Wall Street Journal.

The bidders have been asked for details on how a purchase would be finances, what conditions would be met on their end and the key assumptions they would make when deciding to go ahead with a deal (including the size of the tax bill resulting of the separation of Yahoo from those Asian assets).

The latest noises from the fading internet company follow the February launch of an auction for its core business and also come in the wake of internal boardroom battles.

Starboard Value LP, an activist hedge fund which owns a little under 2% of Yahoo, attempted to overthrow the company's entire board last week.

Yahoo has been struggling to compete with the likes of Google and Facebook in terms of online advertising, with CEO Marissa Mayer coming in for particular criticism over the course of her almost four-year tenure heading up the company.

With shareholders likely to vote on whether all nine of the directors should be replaced this summer, the April 11 date seems to have been set to ensure a deal could be reached by June or July.

Current frontrunners who have been contacted include Verizon Communications Inc, IAC/InterActiveCorp and Time Inc.