Yahoo is in the process of auctioning off its search and advertising business.
The offer of $50 per share is a premium of 17.4 per cent to AOL's Monday close.
United Airlines, the world's second-largest carrier, received regulatory approval to install wireless Internet access to its fleet in a partnership with Verizon Communications Inc.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Buffett had said in a CNBC interviewthat Yahoo's business had deteriorated significantly and that "something has to change there."
Arora was hired in July to run a newly created unit called SoftBank Internet and Media Inc.
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