Private investor Silver Lake, DST of Russia, Chinese private equity firm Yunfeng Capital together with Temasek Holdings are leading a $1.6b tender offer for stocks held by Alibaba employees, according to people familiar with the situation. The offer valued the company at $32b.

Joe Tsai, CFO of Alibaba, posted on Alibaba intranet BBS saying the deal is primarily intended to offer liquidity to Alibaba employees.

The offer might signal that an IPO for Alibaba is far off.

Yahoo, Alibaba’s biggest shareholder is said to not sell one single share in the tender offer. And interestingly, Silver Lake and DST are reportedly jointly considering a bid for Yahoo.