Verizon Communications is set to advance to the second stage of bidding for Yahoo's core assets, sources told Reuters. Bobbi Rebell reports.
The first round of bids for Yahoo's core assets are in, and Reuters has learned exclusively that Verizon has made the short list, and will advance to the second stage of bidding, according to sources. Private-equity firms Apax Partners , TPG Capital, Bain Capital, Apollo Global Management and Warburg Pincus had also submitted first-round bids, the sources said. Reuters Greg Rouemliotis: (SOUNDBITE) GREG ROUEMLIOTIS, EDITOR-IN-CHARGE, DEALS, THOMSON REUTERS, (ENGLISH) SAYING: "We've been told that no two offers are the same. There is different structures being proposed or different types of assets from the web portal to the digital assets that people are interested in. " The sources also said that the company hopes the auction will end by June, but that timing is not certain. Separately, the Daily Mail said, it did not submit a bid, but is in talks with partners interested in Yahoo. Under pressure from activist shareholder Starboard Value LP and others, Yahoo has ramped up a sale of its media, email and other web businesses. Shares of the company were higher on Wednesday. Tuesday after the closing bell, Yahoo reported an 11 percent drop in revenue in the first quarter- though overall results beat forecasts.