Verizon has submitted a second-round bid to acquire Yahoo!'s core internet business. Verizon would also scoop up an array of miscellaneous web products and services, including Yahoo Answers and Yahoo Finance.
It was expected that Verizon, considered to be the front runner in the race to acquire the business, would up its offer beyond $3bn to head off competition from a number of private equity buyers keen to swoop in on a bargain.
Yahoo was founded in 1994 as a directory of web links called “Jerry and David’s Guide to the World Wide Web”, and was renamed as an acronym for “Yet Another Hierarchical Officious Oracle”
Yahoo’s core business has been hit by declining returns with revenues dropping 18 per cent in the first quarter to $859.4m.