So, we’re getting a lot closer to a finalized bid for Yahoo’s core website, as the third round of bidding is expected to conclude on Wednesday, i.e. tomorrow. The selection of the bidder is expected to conclude at or around July 18th 2016, which is roughly two weeks from now. The tangible value of Yahoo’s combined properties is around $36 to $38/share, according to the current analyst consensus. This also establishes the upper ceiling to the stock’s valuation as it has been unable to break above $38.The lead bidder for the transaction is Verizon given the cost synergies of a subsidiary integration of both Yahoo and AOL. However, the other alternative is TPG Capital, which seems less likely as private equity firms tend to avoid paying massive deal premiums to acquire companies. Therefore, I would weigh the possibility of a Verizon acquisition quite high. At this point, there’s a very low probability of Yahoo shares accruing higher interest from potential suitors. Upside is quite limited, and anyone who wasn’t able to establish a position below $37/share would do best to avoid the name for now.