Jul 07, 2016 07:10 AM EDT

Yahoo Sale News: Company To Finalize Sale This Month

Recent Yahoo sale news revealed that the sale for the Internet giant will come to its conclusion this month. The third round of bids was scheduled for Jul. 6.

Recode reported that sources close to the situation confirmed the schedule for the third round of bids for this week. Remaining bidders such as Verizon and a group led by Quicken Loans' Dan Gilbert were told that the final selection process will be around Jul. 18.

Gilbert, whose team Cleveland Cavaliers won against the Golden State Warriors recently, is being backed up financially by Warren Buffett. Verizon, on the other hand, is being led by AOL head Tim Armstrong.

The bids for the Yahoo sale have ranged from around $3.5 billion to more than $5 billion. The amount depends on whether patent and real estate assets are included in the deal.

The publication noted that it would be interesting to see how the company's activist shareholder, Starboard Value, led by Jeffrey Smith will react to "subpar offers" for the Yahoo sale. The Internet giant's shares have jumped up last month as investors set out for the deal.

According to CNET, the Yahoo sale will be reaching its conclusion this month. Bloomberg added that Yahoo CEO Marissa Mayer has reassured investors that the process to sell the Internet giant is progressing.

Last week, Mayer told investors at the company's annual shareholders meeting held in Santa Clara, California that the strategic review is "top of mind" for the board of directors. The CEO also focused on the web portal's move toward a better and stable financial status.

"We are continuing to make great progress on our process," she said. "I have been heartened by the level of interest in Yahoo."

It was previously reported that AT&T will compete with Verizon for the Yahoo sale. Verizon is believed to have challenged AT&T even though its latest offer was at the lower end of the $3.5 billion to $5 billion range during last month's bid.

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