Yahoo Reportedly Receives Multiple Bids Above $5 Billion

Yahoo has received multiple bids at or above $5 billion for its core business, which includes search, according to one report.

CNBC has learned that each bid could contain slightly different assets. Verizon Communications’ bid of about $3 billion, reported earlier in the week, makes it among the lower bids received.

Warren Buffett also showed interest in the business. Unnamed sources suggest Berkshire Hathaway teamed up with Quicken Loans Founder Dan Gilbert and other investors to make the bid.

Yahoo’s board of directors will meet Friday to review the second round of bids for its core business, according to the report. The best bids will go on to a final round starting next week. Private-equity firms and strategic bidders will enter final round of bidding, which is expected to conclude by mid-July, according to CNBC.

Earlier this week, Yahoo put more than 3,000 patents on the auction block, although it didn’t set a minimum bid for the portfolio it calls Excalibur, which analyst estimate worth about $1 billion.

Yahoo said it intends to keep more than 2,000 other patents that were issued or are awaiting approval in the U.S. and overseas.