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Silver Lake Group Said to Bid $16.60 a Share for Yahoo Stake

A group of investors led by private-equity firm Silver Lake offered to buy a minority stake in Yahoo! Inc. for about $16.60 a share, according to people with knowledge of the matter.

Silver Lake, working with Microsoft Corp., venture-capital firm Andreessen Horowitz and Canada Pension Plan Investment Board, offered to buy convertible preferred securities equal to a 10 percent to 15 percent stake for as much as $3 billion, said one of the people, who asked not to be identified because the bids made this week are private. The price was lower than an offer made by private-equity firm TPG Capital, two people said.