Yahoo! (YHOO) Lower as Bids for Core Business Seen Sharply Below Expectaions

Yahoo! (NASDAQ: YHOO) is sharply lower in pre-open trade Friday (-3.8%) following a report that bids are coming in much lower than expected for the company's core assets.

The said bids are expected to be around $2 - $3 billion, versus talk of $4 - $8 billion in April.

Bids may have been lowered following recent presentations from Yahoo! CEO Marissa Mayer and data disclosure of Yahoo!'s financials showing flagging prospects.

Verizon (NYSE: VZ) is said to be the front runner in the bidding, which also includes private equity firms. Bids may not all be for Yahoo!'s core business and proposals will be structured differently.

Yahoo!'s deadline for the first round of bids has been set for the first week of June, sources noted.

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