The parent company of the Daily Mail, a U.K. newspaper and website, sat on the sidelines of an auction to buy struggling tech giant Yahoo.
Earlier this month, parent company Daily Mail and General Trust confirmed it was considering a bid. It said at the time it was “in discussions with a number of parties who are potential bidders,” according to a spokesperson.
But it hasn’t submitted a bid to purchase Yahoo, the Wall Street Journal reported Wednesday, after a first-round deadline Monday. The company remains in talks with other parties that are interested in the U.S. Internet giant, however.
It may join forces with a private-equity firm that already bid for Yahoo the report said, citing people familiar with the matter.
According to earlier reports, several private equity firms made first-round bids, including Apax Partners, TPG, Bain Capital, Apollo Global Management, Vista Equity Partners and Warburg Pincus.
Since CEO Marissa Mayer took Yahoo’s helm in 2012, the one-time online-search behemoth has been under scrutiny to reinvent itself for the mobile age. But Mayer’s strategies, like pricey start-up takeovers, amped-up news and video content and a portfolio of new apps, haven’t generated meaningful growth.
To cope, Yahoo launched a restructuing this year that included laying off 15 percent of its workforce, and it kicked off the bidding process that could potentially sell off its core Internet business.
Tuesday, Mayer said executives are meeting daily about how to sell or spin off Yahoo, speaking during a call to discuss the company’s latest quarterly results. Yahoo swung to a loss in the latest period, but adjusted profit in the first three months of the year fell slightly less than Wall Street had feared.
Last month, activist investor Starboard Value launched a proxy a fight that asks fellow shareholders to oust the current board and install its own slate of nine candidates.