Ex-AOL Chief Seeks Funds to Buy Yahoo

$30B difficult to raise amid recession
By Ambreen Ali,  Newser User
Posted Dec 2, 2008 2:08 PM CST
Miller is expected to pay between $20 to $22 per Yahoo share if he buys it, requiring him to raise nearly $30 billion.   (AP Photo/Paul Sakuma)
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(Newser) – After months of advising both Microsoft and Yahoo on a failed deal, former AOL chief Jonathan Miller is trying to put together a bid for Yahoo himself. The venture capitalist is asking private investors to help him amass the $30 billion needed to acquire the struggling, $10-a-share search engine group, down $20 since February, reports the Wall Street Journal.

Miller has approached private equity investors and sovereign wealth funds, though the odds of raising the requisite capital in such a sour economic climate are poor. He faces competition from other private equity firms as well as Microsoft, which has maintained a lingering interest in the Google rival. It's unclear whether the Seattle giant is involved in Miller's plans, the Journal says.