WSJ: Verizon To Submit $3 Bln Bid For Yahoo's Core Business

(RTTNews) - Telecommunications giant Verizon Communications Inc. (VZ) plans to submit a second-round bid of $3 billion for Yahoo Inc.'s (YHOO) core Internet business, the Wall Street Journal reported Monday, citing a person familiar with the matter.

According to the WSJ report, Verizon was expected to meet Monday's deadline for the second round of bids. The company is seen as the leading contender to acquire Yahoo. Private equity firm TPG was also expected to submit a second-round bid ahead of the deadline.

Yahoo is expected to hold at least one more round of bidding, and the offers could change, the WSJ reported.

Verizon's chief financial officer Francis Shammo said in December 2015 that the company could look at buying Yahoo if it is a strategic fit.

However, bidders are said to have lowered their expected prices following weeks of sale presentations by Yahoo CEO Marissa Mayer at the company's Sunnyvale, California headquarters and its disclosure of data that detailed the company's flagging prospects.

In February, Yahoo said its board of directors has formed an independent committee to explore strategic alternatives for the company.

YHOO closed Monday's trading at $37.08, up $0.47 or 1.28 percent on a volume of 8.43 million shares. In after-hours, the stock further gained $0.01 or 0.03 percent to $37.08.