$3 billion bid to be submitted by Verizon for Yahoo's internet business according to reports

Verizon Communications Inc plans to submit a second-round bid of around $3 billion for Yahoo Inc’s core internet business, the Wall Street Journal reported, citing people familiar with the matter.  Private-equity firm TPG was also expected to submit a second round bid for the assets before Monday’s deadline, the newspaper reported.  Reuters reported last month that Verizon was working on a bid for Yahoo’s core assets with an investment bank.

Yahoo is expected to hold at least one more round of bidding, and the offers could change by the final round, the paper reported. Verizon Communications Inc is working on its bid for Yahoo Inc’s core assets with an investment bank which was, as recently as last year, one of the U.S. internet company’s top advisers, people familiar with the matter said. Verizon has added former Yahoo adviser Bank of America Corp to its roster of investment banks, as the U.S. telecommunications carrier seeks an edge over other bidders ahead of a June 6 second-round bid deadline in the auction for the core assets, the people said this week.

Yahoo, Verizon and TPG could not be immediately reached for comment outside regular U.S. business hours.

Reuters