Verizon Will Pay Less To Acquire Yahoo After Hacks
16 February, 2017, 01:18 | Author: Elaine Woods
A $250 million haircut for Yahoo shareholders could be a relief, given that reports previously said Verizon wanted a $1 billion price reduction in the deal price.
The two companies had announced that the details of the data breach had slowed down the final details of the acquisition that will see Yahoo's operations being added to the largest carrier in the USA, based on number of subscribers.
Bloombergreported the lower offer this morning, additionally claiming that both parties in the deal are expected to share legal responsibilities related to the cyber breaches. More than 500 million accounts were affected.
Verizon wants to combine Yahoo's search, email and messenger assets, as well as advertising technology tools, with its AOL unit. It's not clear whether Mayer would join the new Yahoo under Verizon's leadership; her four-year stint was the last in a long line of chief executives who failed to provide a turnaround for the decades-old Internet company, which began as a web portal in the 1990s.
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Yahoo's security breaches are costing the company a cool quarter of a billion dollars. The price was said to be reduced by a few hundred million dollars.
Verizon officials declined to comment.
Yahoo's stock was up almost 1.6 percent at midmorning. The telco did not immediately respond to a request for comment on the Bloombergreport. Yahoo announced in an S.E.C. filing last month that Mayer, along with several other board members, including Yahoo co-founder David Filo, will step down.
Yahoo stock movements mostly track the movement of Alibaba shares, since the single largest part of Yahoo's value is in its stake in the Chinese ecommerce giant.
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