Warren Buffet, the Berkshire Hathaway’s CEO is to acquire the Yahoo’s internet assets. Other top bidders include Quicken Loan the founder of Dan Gilbert, Reuters reported on Friday.
Yahoo’s web assets, consisting of its search and news properties are being bidden by a group of investors.
Yahoo and Berkshire Hathaway representatives were not immediately available for comment.
The company’s shares are up about 1.3% in after-hours trading.
Yahoo recently live-streamed Berkshire Hathaway’s famous annual shareholders meeting. It said that the live stream drew 1.8 million views.
The company is currently in the second round of bidding for its core internet assets. It’s been reported that Verizon and a number of private-equity firms, including TPG, have placed bids in the first round. Yahoo has not commented on the bidding process yet.
Wall Street analysts estimate Yahoo’s core value to be worth about $4 billion to $8 billion.
Following years of stagnant growth, Yahoo is finally heeding to critics and other pressures from activist investor Starboard Value to change management and trade its core internet business.
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