A Bloomberg story Friday reaffirmed that Quicken Loans founder and Cleveland Cavaliers owner Dan Gilbert is in late stages of bidding for Yahoo, and confident he’s got a good chance to win the bid, thanks in part to backing from Warren Buffett. One citation from an unnamed source stood out for its incorrectness:
Gilbert, whose bid is backed by Warren Buffett, isn’t looking for more outside financing, said one of the people. Despite limited synergies with mortgage-lending company Quicken, Gilbert is confident in his chances of winning, the person said.
So let me get this straight: Yahoo Finance has 70 million monthly visitors, and Yahoo Sports has 125 million monthly visitors. Dan Gilbert owns the country’s number two mortgage company and number two basketball team. And there are only limited synergies? Come on.
Dan Gilbert isn’t just another crazy billionaire with media ambitions. He’s a genius at giving consumers what they need and want, and if any of the existing bidders can get the most out of Yahoo’s best assets, it’s him.
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