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U.S. wireless carriers Verizon and AT&T will reportedly go head-to-head in the final round of bidding for the core assets of troubled Internet giant Yahoo Inc.

According to a report from Reuters, the carriers will be up against a handful of other competitors in the final round, including a group led by Quicken Loans founder Dan Gilbert and backed by billionaire investor Warren Buffet. Some of the private equity firms who participated in previous rounds of bidding, however, will not advance to the final round, Reuters sources said.

The news follows reports at the end of last week that Verizon's second round bid was on the “low end” of offers presented to Yahoo. Verizon reportedly offered Yahoo in the realm of $3.5 billion for its assets, while others put forth proposals promising $5 billion or more. Previous reports, however, have indicated that different assets are sought in the various offers from each suitor.

Reuters said Yahoo is expected to tap bidders possibly as early as today to let them know they've made it to the final round. The last round of bidding is expected to close by mid-July.

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