Yahoo stock rises on new acquisition report
A second report indicates that AOL's former CEO, Jonathan Miller, is interested in buying some or all of Yahoo.
- Shankland covered the tech industry for more than 25 years and was a science writer for five years before that. He has deep expertise in microprocessors, digital photography, computer hardware and software, internet standards, web technology, and more.
Yahoo's stock rose 8 percent to $11.64 Tuesday after The Wall Street Journal reported former AOL Chief Executive Jonathan Miller is trying to raise money to acquire all or a part of the Internet pioneer.
Miller believes he can do a deal worth about $20 to $22 per share, according to the report, which cited unnamed sources. Those sources said Miller is trying to raise money from private equity investors and sovereign wealth funds.
A Times of London report over the weekend also said Miller was working on a deal, but that report limited the scope to Yahoo's search business and said the ultimate owner of the assets would be Microsoft. The Wall Street Journal report didn't uncover a Microsoft connection.
Miller runs a venture capital fund called Velocity Interactive Group.
Yahoo and Velocity Interactive didn't immediately respond to requests for comment.