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Buffett On Yahoo Bid: If Dan Gilbert Needs Financing, We'll Help

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Buffett On Yahoo Bid: If Dan Gilbert Needs Financing, We'll Help

Shares of Yahoo! Inc. (NASDAQ: YHOO) were trading higher by more than 2 percent early Monday following news reports that Dan Gilbert, Quicken Loans founder, is not only interested in acquiring the company's internet assets, but has the financial backing of Warren Buffett.

It was reported late Friday Buffett is backing a consortium of investors, including Gilbert. According to Reuters, the consortium was active in the second round of bidding but Buffett's involvement wasn't confirmed.

Related Link: Yahoo's Latest Bidder(s): Warren Buffett And Dan Gilbert?

However, Buffett confirmed his potential involvement in a potential deal on Monday.

Speaking to CNBC, Buffett noted that as a major equity partner, he provided financing to 3G Capital to acquire Heinz and Kraft. This time, the billionaire investor is prepared to only providing financing solutions if any deal is finalized.

"I'm an enormous admirer of Dan [Gilbert] and what he has accomplished in Quicken Loans‎," Buffet told CNBC. "Yahoo is not the type of thing I'd ever be an equity partner in. I don't know the business and wouldn't know how to evaluate it, but if Dan needed financing, with proper terms and protections, we would be a possible financing help."

Yahoo traded recently at $37.15 after closing Friday's session at $36.38.

Image credit: thetaxhaven, Flickr

Posted-In: CNBC Dan Gilbert Quicken Loans Warren BuffettNews Asset Sales M&A Media Best of Benzinga

 

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