Yahoo is now open to offers and reports suggest that multiple companies are looking to acquire Yahoo’s core internet business. Verizon is believed to be one of those companies. A new report suggests that Big Red is going to make a second-round bid for Yahoo’s internet business of $3 billion. Yahoo is expected to hold another round of bidding before it makes a decision.

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The Wall Street Journal reports that Verizon is one step closer to acquiring Yahoo’s internet business. It’s reportedly going to submit a second-round bid of $3 billion.

Private equity firm TPG is also reportedly going to submit a bid for Yahoo’s internet business. The report says that once the second-round closes, Yahoo will hold at least one more round of bidding to see which suitor is the best.

Verizon is believed to be in the lead for picking up Yahoo’s business, other contends that dropped out after the first round include Time Inc., Comcast, Google’s parent company Alphabet, IAC, and AT&T.

It merits mentioning here that the $3 billion bid that Verizon is reportedly going to submit falls short of the $4 billion to $8 billion bids that Yahoo received during the first round. Yahoo’s core internet business includes its ad business and news websites, two of its most lucrative properties.

There has been no comment on the matter by either Verizon or Yahoo. It’s unclear when the third round of bidding is going to be scheduled to see who comes out on top.

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