In what could turn out to be a key development in the unfolding Yahoo saga, investors Silver Lake, DST Global, Temasek Holdings and Yunfeng Capital are leading a $1.6 billion tender offer for shares of closely held Alibaba Group, sources say. The news was reported this morning by AllThingsD; Forbes has confirmed the story with a source close to the situation. The deal, which is intended primarily to offer liquidity to Alibaba employees, valued the company at $32 billion. That would give Yahoo’s 39% stake in the company a value of $12.48 billion. Keep in mind, though, that the value of Yahoo’s stake would be reduced by liquidity issues and tax liabilities.