Yahoo gives potential buyers deadline for bids

Yahoo has reportedly given bidders until 11 April to submit initial offers for its core web business and Asian assets.

Advisers to the company sent letters to potential buyers in recent days asking them to put forward proposals for their bids including which assets they wish to acquire for what price, sources told The Wall Street Journal.

Yahoo's core web business is up for sale along with its Alibaba Group Holding and Yahoo Japan businesses.

Potential suitors have also been asked for details on how they would finance a purchase and what conditions they have for a deal, the sources added. Yahoo is also said to be asking bidders for their key assumptions on an acquisition, such as how much of a tax bill would be incurred by a separation of the Alibaba and Yahoo Japan assets from the core business.

Yahoo was not available for immediate comment.

It is understood the group's bankers have been contacting potential buyers including Verizon Communications Inc., IAC/InterActiveCorp.and Time Inc., as well as private-equity firms TPG and KKR & Co.

Microsoft Corp. is said the have held talks with private-equity firms about helping to finance a buyout. The company hopes to protect the revenue is receives from its search partnership with Yahoo in the event of a sale to a third party, sources told the WSJ.

Microsoft declined to comment on the report.