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According to a report in the Wall Street Journal, bids for Yahoo are expected to come in or came in at less than the $4 to $8 billion anticipated by many analysts.

Instead they are more likely in the range of $2 billion to $3 billion according to the article:

Bidders have lowered their expected prices following weeks of sale presentations by Yahoo Chief Executive Marissa Mayer at the company s Sunnyvale, Calif., headquarters and its disclosure of data that detailed the company s flagging prospects.

Verizon is still the favorite to win the bidding but the WSJ article identifies a number of other suitors in the mix, including TPG, Bain Capital, Dan Gilbert founder of Quicken Loans, possibly backed by Warren Buffett , Vista Equity Partners and one or two others.

The article attributes the lower bid prices to disappointing first quarter financial results and the perception that Yahoo s core business continues to deteriorate.

This suggests that Yahoo wasn t entirely satisfied with the first round and/or wants to bring more parties into the negotiations.

Should they accept the offers now or continue with the existing turnaround effort?

The text above is a summary, you can read full article here.