Warren Buffett Backs Group Bidding for Yahoo

American business magnate, Warren Buffett has agreed to work with Quicken Loans founder and chairman Dan Gilbert on a bid to acquire the core assets of troubled internet pioneer Yahoo.

Yahoo has been flailing and is behind peers Google and Facebook. The company says it is evaluating the potential for a sale to revive growth.

“I’m an enormous admirer of Dan and what he has accomplished in Quicken Loans,” Buffett, the most successful investor in the world said.

“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,” he added.

Yahoo shares rose 2.8 percent to $37.51 after the report about Buffett’s interest materialized.

CNBC

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