Yahoo is dragging its feet on sales talks, and potential buyers are getting frustrated: Analyst (YHOO)

Flickr/Romain Toornier

Yahoo may not be so excited about selling its core business after all.

According to a note published by SunTrust analyst Robert Peck on Thursday, Yahoo's frustrating a lot of potential buyers by not actively engaging in talks for the sale of its core business, despite more than 20 parties expressing "significant" interest in it.

"Some interested parties have expressed a lack of engagement and process by [Yahoo], making them question the seriousness of the firm and management in seeking strategic alternatives," Peck wrote.

Peck called Yahoo a "melting ice cube" and added that there's a "need for speed," urging Yahoo's board and current management to step up their communication with potential buyers to honor their fiduciary duty.

Yahoo Chairman Maynard Webb wrote in a statement earlier this month that Yahoo would be open to the sale of its core business, saying that it would "engage on qualified strategic proposals."

But Re/code's Kara Swisher recently reported that there seems to be a split between Yahoo's board and its CEO, Marissa Mayer, with Mayer not returning calls to potential buyers and slowing the entire sales process.

The clock may be ticking for Yahoo and Mayer, however. Activist investor Starboard's proxy-solicitation adviser, Okapi Partners, has been making calls to Yahoo shareholders recently, according to Bloomberg, indicating that a proxy fight may be nearing. Starboard wrote a letter to Yahoo in January, demanding that management change and the sale of its core business.

Yahoo declined to comment on this story.

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