AT&T has bid on Yahoo’s core internet business

ATT bids on Yahoo

AT&T has made a bid for Yahoo’s core internet business, Bloomberg reports. The publication says “people familiar with the matter” have confirmed the bid.

The company initially decided against bidding in April, but recently changed its mind, according to Bloomberg.

AT&T is now directly competing with Verizon for Yahoo’s business.

The Wall Street journal reported earlier this month that Yahoo’s core business is expected to fetch between $2 billion to $3 billion. The WSJ originally reported a potential buyout between $4 billion to $8 billion.

Bloomberg reports that Yahoo received 10 initial offers, “ranging from about $4 billion to $8 billion,” once again citing people familiar with the matter.

Yahoo hasn’t defined what its “core business’ includes. It could be just its online advertising, or things like its web intellectual property, or real-estate property.

“Given there are still multiple bidders, and Yahoo likely is looking for the cleanest way to maximize value, bids for the core may still come in higher than the reported $2 billion to $3 billion, depending on what assets are included in the bids,” SunTrust’s Bob Peck wrote.

It’s still anyone’s guess as to what price the company will fetch for its core business.