Verizon Communications Inc. on Monday planned to submit a second-round bid of about $3 billion for Yahoo Inc.’s core internet business, said a person familiar with the matter.

The telecom company, seen as the leading contender to buy Yahoo, was expected to meet Monday’s deadline for the second round of bids. Yahoo is expected to hold at least one more cycle of bidding, and the offers could change by the final round, people familiar with the matter have said.

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