Quicken Loans founder Dan Gilbert's bid to acquire Yahoo! fell short.
The New York Times reports that the board of the Silicon Valley company has agreed to sell Yahoo’s core internet operations and land holdings to Verizon for $4.8 billion.
Verizon Communications Inc., Gilbert and Vector Capital Management were regarded as the three favorites to acquire Yahoo! Inc..
But in the end, Verizon, which also owns AOL, walked away with the prize.
The sale ends speculation as to what Gilbert may have done to bring a Yahoo! presence to Detroit.
Gilbert had the backing of heavy hitter Warren Buffett.
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New York Times
