OREANDA-NEWS. June 08, 2016. Verizon could spend \\$3 billion to acquire Yahoo's Internet business.

The telecom giant planned to submit a proposal before the second round of bidding ended Monday for Yahoo's core online assets, an unnamed source familiar with the matter told the Wall Street Journal. Private-equity firm TPG was also expected to tender an offer before the deadline, the Journal reported, but Verizon is currently seen as the leading contender.

A major Internet player in years past, Yahoo has been trying to revive its slumping business fortunes. CEO Marissa Mayer aimed to shake things up by refocusing the company on its mobile sites and services, but those efforts have left consumers and investors cold. The situation has forced the board of directors to consider options beyond an attempted turnaround, including a potential sale.

Initially, "people close to the process" told the Journal that Yahoo's online business could sell for between \\$4 billion and \\$8 billion. Last month, that range dropped to between \\$2 billion and \\$3 billion for the second round of bidding. Some potential bidders were discouraged after a presentation by Mayer revealed the degree to which Yahoo's online ad business had deteriorated, according to the Journal's sources.