Bowing out: Yahoo launched an auction of its core business in Feb.
Verizon Communications Inc was set on Tuesday to advance to the second stage of bidding for Yahoo Inc's core assets, as the US Internet company went through offers to put together a short list, people familiar with the matter said.
Verizon submitted its offer with advice from investment banks Guggenheim Partners LLC, LionTree LLC and Allen & Company, the people said. The US telecommunications company will face competition in the second round from other companies and private equity firms, the people added.
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