Yahoo shares jump following Alibaba takeover reports
Yahoo shares have risen following reports that Chinese internet firm Alibaba is positioning itself to make a takeover bid.
Shares in Yahoo have grown following reports that Chinese internet firm Alibaba is positioning itself to make a takeover bid.
After the reports of the acquisition, Yahoo shares rose by 4.8% yesterday.
Alibaba and Softbank Corp are in advanced talks with Blackstone Group LP and Bain Capital LLC about making a bid for all of Yahoo, sources have told Bloomberg news.
"Alibaba Group has not made a decision to be part of a whole company bid for Yahoo," said John Spelich, spokesman of Alibaba Group.
In September, former Yahoo CEO Carol Bartz was forced to step down following criticism over the handling of a spat with Alibaba Group, which has managed Yahoo's brand and services in China since 2005, and for the poor second quarter performance of Yahoo's core US display ad business.
The company named chief financial officer Tim Morse as interim CEO less than three years after Bartz was asked to step in to help turn the company around.
