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Dan Gilbert, AT&T Each Bid $5 Billion for Yahoo, Patents

Dan Gilbert, the founder of Quicken Loans Inc. and owner of the Cleveland Cavaliers basketball team, and AT&T Inc. each bid about $5 billion for Yahoo Inc.’s core business, patents and real estate assets, people with knowledge of the matter said.

Verizon Communications Inc. made an offer between $3.5 billion to $4 billion for only Yahoo’s core business, according to two people familiar with that situation, who asked not to be identified because the information is private.

Verizon didn’t bid on the intellectual property and real estate because Sunnyvale, California-based Yahoo told the company it wished to sell them separately, one of the people said. Verizon is willing to buy both the patents and real estate, the person said. Yahoo is planning to sell more than 3,000 patents, according to a statement earlier this week.

The New York-based telecommunications company expects to be given a chance at the end of Yahoo’s sale process to match or top any superior bid, two...