Several suitors are bidding $5 billion or more for the core business of struggling Internet pioneer Yahoo, CNBC reported on Friday. CNBC, citing unnamed sources close to the situation, said Yahoo’s board of directors will meet on Saturday to review offers ahead of a final round of bidding expected to lead to a decision by mid-July.
US telecom titan Verizon was among low bidders, offering more than $3.5 billion for Yahoo, according to CNBC. The pool of bidders is believed to include private equity firms.
California-based Yahoo declined to comment. Yahoo shares were up slightly more than a percent to $37.42 as the close of trading neared on the Nasdaq exchange. Yahoo, which has been eclipsed by rivals such as Google and Facebook, is studying the possibility of a sale as it pursues efforts to revive growth, focusing on mobile users.