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November 7, 2011

Yahoo inching closer to sale

Confidentiality agreements signed last week by interested parties

By CBR Staff Writer

Various parties interested in purchasing Yahoo have signed confidentiality agreements for buying all or part of the company, according to sources.

The Sunnyvale, California-based Internet company said Friday was the deadline for potential buyers to sign an agreement to be allowed a close look at Yahoo’s finances.

A few private equity firms have yet to sign the agreement as it has certain restrictions barring companies from forming consortiums.

But, one proposal put forward by Yahoo that would involve the sale of a minority stake and leaving existing management in control has not been received well by the investors.

However, Silver Lake Partners, Providence Equity Partners, Bain Capital, Hellman & Friedman and Blackstone are exploring a buyout of Yahoo along with its Asian JV partners Alibaba Group and Softbank.

Other private equity firms which have evinced interest in Yahoo include KKR, TPG Capital and Carlyle Group.

Meanwhile, Daniel Loeb, manager of hedge fund Third Point, is demanding that the company oust co-founder Jerry Yang from its board, arguing it would clear the way for directors more inclined to protect shareholders’ interests.

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