Yahoo Sets April 11 Deadline for Preliminary Bids: Report

Yahoo Sets April 11 Deadline for Preliminary Bids: Report

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, theJournal 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 plansto 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 and publisher Time are among companies expected to bid for Yahoo’s core business, while some private equity firms are expected to team up to make offers.

© Thomson Reuters 2016

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Tags: Internet, Yahoo
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Infibeam Sets IPO for March 21

Infibeam Sets IPO for March 21

Online shopping portal Infibeam Incorporation will hit the capital markets on March 21 to mop-up Rs. 450 crore through an initial share plan, becoming the first e-commerce firm to tap the IPO route.

The initial public offer (IPO) will conclude on March 23, as per the latest update available with capital markets regulator Securities and Exchange Board of India (Sebi).

As per Draft Red Herring Prospectus, Gujarat-based Infibeam plans to come out with public issue of equity shares worth up to Rs. 450 crore.

Infibeam competes with Flipkart, Amazon, Snapdeal and others in the e-commerce space.

The capital markets watchdog had already announced a new set of easier norms for listing of startups on a separate platform of stock exchanges. However, Infibeam has decided to go for listing on the main board.

Started in 2007, Infibeam runs several e-commerce services like Infibeam.com, BuildaBazaar, Incept and Picsquare.

It has proposed to list its shares on the NSE and BSE.

The issue is being managed by SBI Capital Markets and Elara Capital India.

Infibeam plans to utilise the IPO proceeds towards setting up of cloud data centre and shifting and setting up of registered and corporate office of the company.

Besides, the funds will be used for setting up of 75 logistics centres, purchase of software and for other general corporate purposes.

Apart from Infibeam, two companies, HealthCare Global Enterprises (HCG) and Bharat Wire Ropes, will hit the capital markets this week.

Besides, three firms – Quick Heal Technologies, TeamLease Services and Precision Camshafts – have already hit the Dalal Street so far this year.

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Tags: Apps, Infibeam, Internet, IPO
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