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Telecom giant Verizon bids for Yahoo core internet business for $3 billion

NEW YORK, U.S. – Telecom giant Verizon is reportedly set to make a $3 billion bid for Yahoo’s core internet business, and was expected to meet the June 6 deadline of the bidding.

According to reports, Verizon has emerged as the top contender for Yahoo’s core internet business, even as other big names dropped out of the running.

It was added that Verizon had not displayed any interest in Yahoo’s other assets that could reach an estimated value of $1 billion or so to shareholders.
Further, Verizon reportedly aims to combine the ailing company’s Web properties with its own booming online ads business, and is currently attempting to overtake other potential bidders including private-equity firm TPG.
Reports added that the winning bids have not been finalised yet, and Yahoo is expected to conduct a third round of bidding.
However, experts reportedly opine that the amount quoted by Verizon could be used as a marker to indicate which way the acquisition fight is turning.
As Yahoo reportedly is struggling after reporting a loss of $99 million on revenue of a little more than $1 billion, Advent, Vista Equity Partners and Dan Gilbert’s Quicken Loans, backed by Warren Buffett, have emerged as determined bidders as well.

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