Verizon, AT&T set to make final bids for Yahoo web

NEW YORK: US telecommunications rivals Verizon Communications Inc and AT&T are set to go through to the third and final round of bidding in the auction for Yahoo

NEW YORK: US telecommunications rivals Verizon Communications Inc and AT&T are set to go through to the third and final round of bidding in the auction for Yahoo Inc’s core internet assets, according to people familiar with the matter.

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Yahoo will start reaching out to bidders as early as Monday to notify them whether they will make it to the next round, one of the sources said.

Verizon, the biggest US wireless carrier, is seeking to challenge AT&T in the third round of bidding, even though its latest offer was at the low end of the $3.5-5 billion range of the second-round bids that came in last week, the sources said. Yahoo hopes to conclude the auction by next month.

A consortium led by Quicken Loans Inc founder Dan Gilbert, and backed by Berkshire Hathaway chairman Warren Buffett, will also make it through to the final round, the sources added. Yahoo, Verizon and AT&T declined to comment. A Quicken Loans spokesperson did not respond to a request for comment on behalf of Gilbert’ s consortium.