Verizon to submit $3 billion bid for Yahoo's internet business: WSJ

[June 07, 2016]  (Reuters) - 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. (http://on.wsj.com/1Yc0SjE)

Reuters reported last month that Verizon had added Bank of America to its roster of investment banks, as it looked to gain an edge over other bidders for Yahoo's core assets.

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

Yahoo did not comment on the report, while Verizon declined to comment.

TPG could not be immediately reached for comment outside regular U.S. business hours.

(Reporting by Parikshit Mishra in Bengaluru; Editing by Gopakumar Warrier)

[© 2016 Thomson Reuters. All rights reserved.]

Copyright 2016 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.