Verizon’s bid for Yahoo’s web assets topped by others: source

The logo of Verizon is seen at a retail store in San Diego, California April 21, 2016.

Reuters/Mike Blake

Verizon Communications Inc (VZ.N) did not submit the highest offer this week in the second round of bidding for Yahoo Inc’s (YHOO.O) core internet assets, according to a person familiar with the matter.

No committed financing was required for second-round bids, and Yahoo will put together in the coming days a new shortlist of bidders from which it will solicit binding offers, the person added.

Yahoo and Verizon offered no immediate comment.

Earlier on Thursday, CNBC reported, citing sources, that Verizon’s bid of more than $3.5 billion was topped by multiple offers at or above $5 billion. It did not name the parties that made those offers.

AT&T Inc (T.N), private equity firms such as TPG Capital LP and a consortium comprising Bain Capital Private Equity and Vista Equity Partners Management LLC, as well as a Quicken Loans Inc founder Dan Gilbert-led group backed by Berkshire Hathaway Inc (BRKa.N) Chairman Warren Buffett have been in the running for Yahoo’s web assets, Reuters has previously reported.

(Reporting by Greg Roumeliotis in New York; Editing by Steve Orlofskyh)