Billionaire Warren Buffett eyeing Yahoo acquisition

American billionaire Warren Buffett has joined the bidding race to acquire Yahoo. The famed chairman of Berkshire Hathaway Inc is backing a consortium that includes Quicken Loans founder Dan Gilbert in bidding for Yahoo’s internal assets.

For a long time, it's been speculated that Yahoo may sell its internet business due to stagnant growth and falling stock prices in recent times, and it finally opened up for bids in April.

However, there is still no certainty regarding the consortium’s ability to buy out Yahoo in the auction, but the interest shown by Warren Buffett and Dan Gilbert is indeed good news for Yahoo.

So far, the consortium’s plans for Yahoo are confidential, and whatever rumors may be circulating at the moment are unconfirmed. It’s not certain whether Warren Buffett plans to add Yahoo to Berkshire Hathaway, a holding company that has ownership of companies like Geico and IBM. He did mention in an earlier interview with CNBC that “something has to change there” in regard to Yahoo.