According to some pages from the "book" that Yahoo bankers have given out to prospective buyers, the financial situation at the Silicon Valley Internet giant is becoming increasingly dire.
While I cannot show the documents I have obtained, Re/code has gotten access to them. The book, for those not familiar, is made up of disclosure documents that sellers give to buyers to allow them to intelligently prepare a bid. In addition, those interested also have access to a protected data room, with more detailed information.
And, along with reviewing the documents, a series of sellers I have interviewed said that while the Yahoo book is unusually confusing and perhaps purposefully so — more on that below — it shows a company in what has been a serious free fall, which has been apparent to many for a while now and from Yahoo's continuing downgrading of its prospects.
Still, the collective issues depicted in the book has many nervous about bidding.
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