The potential Yahoo buyer who had bid around $8 billion for the internet media giant has come to its collective senses. According to The Wall Street Journal, bids are more likely to be in the $2 to $3 billion range.
The reason that number dropped by so much is that buyers have now had a chance to review Yahoo’s data and finances more thoroughly. Obviously, they didn’t like what they saw.
The next round of bids is expected the first week of June, but not much has changed over the past few weeks. Verizon is still considered the frontrunner, with the Dan Gilbert-Warren Buffett team coming on as the runner-up.