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Verizon close to making bid for Yahoo's web business - reports

Telecom giant Verizon Communications is believed to be poised to make a bid for Yahoo’s web business. It is also hoping to put in an offer for a

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Verizon close to making bid for Yahoo's web business - reports

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Telecom giant Verizon Communications is believed to be poised to make a bid for Yahoo’s web business.

It is also hoping to put in an offer for a stake in Yahoo’s Japan subsidiary, according to Bloomberg reports.

A first round bid for the web business is expected next week.

Verizon’s shares were down 2.8 percent on Thursday after the reports, Yahoo was was down 1.3 percent.

Yahoo launched an auction of its core business in February.

The offer to purchase Yahoo’s 35.5 percent stake in Yahoo Japan could put Verizon one step ahead of any rival bidders.