Verizon Communications was set on Tuesday to advance to the second stage of bidding for Yahoo's core assets, as the U.S. internet company went through offers to put together a short list, people familiar with the matter said.
Verizon submitted its offer with advice from investment banks Guggenheim Partners, LionTree, and Allen & Co., the people said on Tuesday. The U.S. telecommunications company will face competition in the second round from other companies and private equity firms, the people added.
On Tuesday evening, Yahoo's advisers were still reviewing the preliminary offers received on Monday. The auction attracted interest from a diverse array of companies ranging from Japanese online retailer Rakuten to Yellow Pages owner YP, which is backed by AT&T, the people said. Rakuten ended up not making an offer, a spokesman for the company said.