Washington, Dec 2(ANI): Yahoo shares have surged amid reports that China's Alibaba Group is preparing a takeover bid with private equity firms Blackstone and Bain Capital.
Yahoo shares ended December 1 trading on the Nasdaq exchange AT 3.3 percent higher, and were 4.8 percent up at one point of time.
Alibaba said it was weighing options for takeover,the BBC reports.
"Alibaba Group has not made a decision to be part of a whole company bid for Yahoo," the company's spokesperson John Spelich said.
Alibaba wants to buy back stake in Yahoo in the wake of their deteriorating relationship in the past few years.
Yahoo had earlier bought a 43 percent stake in Alibaba for one billion dollars.
Analysts said Alibaba's interest in bidding for Yahoo was an attempt to get back full control of its own company.
"Alibaba definitely wants to get its stake back from Yahoo, so whatever can make that happen, they will try for it," JP Morgan's Dick Wei said.ahoo has been struggling to maintain its market share amid growing competition from Google and Facebook.
Alibaba Group has, however recorded growth, which is fuelled by a boom in the Chinese Internet market.
China is the world's biggest online market, having over 500 million users. (ANI)
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