Everyone had high hopes for Yahoo when Marissa Mayer became the company’s CEO back in 2012, but that hope has long since given way to resignation, as it’s become abundantly clear that Yahoo isn’t going to be able to turn things around. However, even though Yahoo’s own employees are waiting for its inevitable demise, the company has refused to consider selling itself off, primarily at Mayer’s insistence, but according to a report from CTFN on Monday, it looks like Yahoo has finally realized it’s time to throw in the towel, and is quietly exploring acquisition offers.
For months, a few big companies and financial firms have expressed interest in buying Yahoo, while the internet company has tried its best to ignore all the attention. But now it seems that Yahoo is ready to talk. The company sent confidentiality agreements to interested buyers last week, according to a report in CTFN, citing anonymous bankers. The report said that Yahoo plans to have a traditional auction, in which buyers submit bids, rather than engage in direct, one-on-one deal talks with potential buyers. The report didn’t mention who the interested parties were. A growing list of suitors, including Verizon and private-equity firms Bain Capital and KKR, has surfaced in media reports during the past several weeks. Verizon’s CEO has even publicly acknowledged his interest in Yahoo. Nondisclosure agreements (NDAs) are a standard part of any potential transaction, though they don’t appear to actually prevent leaks most of the time. But for those who suspect that Yahoo’s board is not really interested in a sale, and is dragging its feet on the process, the delivery of the NDAs suggests that at least something is happening.