The US wireless firm is reportedly working with three banks on a first-round bid, which are due on Monday.
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Verizon plans to place a bid for Yahoo’s core business as soon as next week, according to Bloomberg, along with a bid for the Yahoo Japan business.
A Verizon spokesman declined to comment.
Mayer has previously said she wants time to turn Yahoo around, though investors disagree. Analysts have, or possibly another big media company, would make a bid for Yahoo’s Internet business.
Marni Walden, Verizon’s executive VP, would assist Armstrong in running a combined Yahoo/AOL. Yahoo shares fell about 1 per cent to $US36.32 as of 3.16pm in New York Thursday.
But Yahoo could prove to be a dead weight regardless of leadership changes.
On Wednesday, Recode published its findings from the sale “book” Yahoo is shopping around to potential bidders. Verizon has expressed interest in purchasing all or part of Yahoo! since late a year ago.
Alphabet’s Google is also thinking of bidding for Yahoo’s core business, Bloomberg reported, citing another source. Private equity funds Bain and TPG also have offers in the works, according to the report.
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The authors write that AT&T (T), Comcast (CMCSA), and Microsoft have decided not to bid.
