Yahoo Sets April 11 Deadline To Submit Preliminary Bids

Shares of Yahoo! Inc. YHOO were trading nearly flat after Tuesday's market open despite encouraging signs that the company is proceeding with the sale of its core Internet business and Asian assets.

The Wall Street Journal, citing "people familiar with the matter," reported that Yahoo informed potential buyers of an April 11 deadline for bids. The publication added that potential bidders were also requested to detail how they would finance an acquisition, any conditions or approvals that would have to be part of a deal, and commentary regarding key details including taxes.

Finally, the Wall Street Journal stated that approximately 40 firms have demonstrated interest and Yahoo is looking to shorten the list to a "smaller set of players" who are "serious" about a potential acquisition of its assets.

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Yahoo Sets April 11 Deadline To Submit Preliminary Bids