A Yahoo logo is pictured in front of a building in Rolle, 30 km (19 miles) east of Geneva, December 12, 2012. Yahoo Inc on April 27, 2016, agreed to add four new independent directors to its board, bowing to pressure from activist hedge fund Starboard Value LP. REUTERS/Denis Balibouse/File photo
BENGALURU: AT&T Inc, the No. 2 US wireless carrier, has made a bid for Yahoo Inc’s Internet business, Bloomberg reported on Wednesday, citing people familiar with the matter.
Yahoo’s shares recouped some of their losses following the report and were down 2.3% at US$36.64 in midday trading. They had dropped as much as 3.7% earlier.
AT&T had previously decided against making an offer, people familiar with the matter told Bloomberg in April.
Reuters, citing sources, reported on April 29 that Yahoo had shortlisted close to 10 bidders in an auction for its Internet business, including Verizon Communications Inc, the biggest US wireless carrier.
While Verizon remains a favourite, it didn’t submit one of the highest first-round bids, Bloomberg reported on Wednesday, citing two of the people. Digital advertising company YP Holdings LLC, which is backed by AT&T, is no longer pursuing a bid, the report said.
Yahoo declined to comment, while AT&T did not immediately respond to a request for comment. - Reuters
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