Verizon Communications Inc. was expected to submit a bid of about $3 billion for Yahoo Inc.’s core Internet business, The Wall Street Journal reports, citing a source who’s familiar with the situation.
“The telecom company, seen as the leading contender to buy Yahoo, was expected to meet Monday’s deadline for the second round of bids,” WSJ reported late Monday. “Yahoo is expected to hold at least one more cycle of bidding, and the offers could change by the final round, people familiar with the matter have said.”
Verizon and Yahoo declined to comment for the story.
The WSJ report adds: “Verizon indicated it isn’t interested in acquiring certain Yahoo assets, such as patents and real estate, as part of the deal, one of the people said. Yahoo said earlier this year it is exploring the sale of non-core assets, including real estate and patents, that could fetch more than $1 billion.”
The private-equity firm TPG was also expected to submit a second-round bid, the report notes.