Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Internet] Yahoo Answers, one of the longest-running and most storied web Q&A platforms in the history of the internet, is shutting down on May 4th. The platform has been operating since 2005, but over the years has lost significant traffic to sites such as Reddit and Quora.
Over60: The Verge
[Investing] Goldman Sachs bought about £75 ($103) million in Deliveroo shares to prop up trading in the UK food delivery group after investors shunned its market debut. Shares in Deliveroo tumbled as much as 31 percent after banks priced the shares at 390 pence ($5.39) each in the £1.5 ($2.06) billion IPO, which has been dubbed the worst in the history of the London market.
[M&A] CVC Capital Partners has made a $20 billion offer for Toshiba, joining KKR and other private equity funds in a potential bidding battle that could generate Japan’s biggest buyout deal in history, according to people with knowledge of the talks. The deal under discussion would take Toshiba private, and news of the CVC offer and the expectation of a hefty premium boosted Toshiba shares by 18 percent on Wednesday.
[Investing] Popular saving and investing app Acorns has acquired Pillar, an AI-powered startup built to help manage student loan debt, in its second acquisition of 2021. Pillar helps consumers optimize their debt payments by focusing first on student loans. The deal's financial terms were not revealed, but within six months of being funded, Pillar managed over $500 million worth of student loan debt of more than 15,000 borrowers.
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