Yahoo Spikes After Reportedly Getting Multiple $5 Billion Bids

Shares of Yahoo! Inc. YHOO spiked shortly after Thursday's opening bell. The company has received multiple bids at or above $5 billion for its core business, according to according to CNBC's David Faber.

The Wall Street Journal reported late Monday that Verizon Communications Inc VZ planned to submit a second-round bid for Yahoo's internet properties of around $3 billion. Verizon told Yahoo it may end up paying more or less based on a few overhangs and concerns. For example, if Yahoo would cover the cost of employee severance payments for workers fired as a result of the acquisition, it will ultimately pay a higher price to reflect that.

"Verizon Communications bid more than $3.5 billion, making it among lower bids received by the technology company," CNBC reported.

Related Link: Verizon's $3 Billion Yahoo Bid Is 'Reasonable'

Faber said Yahoo's board of directors is planning on meeting Friday to review bids for its core business. Private-equity firms and strategic bidders will enter final round of bidding, which is expected to conclude by mid-July.

SunTrust's Bob Peck Peck on Tuesday said the Verizon bid reportedly excludes Yahoo’s PP&E and IP value, which could be valued at $50 million and “at least” $1.5 billion, respectively. He pointed out that the total value of the Core would, therefore, add up to $5.5 billion, which appears "reasonable at this stage per our prior expectations from a strategic buyer of ($6-8B)."

Yahoo hit a high of $37.73 before selling off a bit. The stock traded recently at $37.29, up about 0.9 percent.