Verizon And Yahoo Set To Revise Deal With $300 Million Haircut

Posted February 16, 2017

The company is said to be reducing the price of the original offer by as much as $250 million, the scribe says, citing people familiar with the matter. One of those reasons is the fact that Yahoo failed to disclose the two, massive hacks (both by the same party) that exposed the credentials of millions of Yahoo customers during deal negotiations. The deal also ensures that the leftovers of Yahoo's operations from the deal will be renamed Altaba Inc. and the combined company will have to deal with the legal responsibilities linked to the breaches.

That's because shortly before the hacks were made public, Verizon had agreed to buy Yahoo's Internet assets for $4.8 billion. Some analysts warned that even if Verizon moved ahead with the deal, it would still face the possibility of discovering further lapses in Yahoo's security for years to come. A separate attack, announced in December, hit more than 1 billion accounts.

Things soon started unraveling with the muddled disclosure of a Yahoo security breach dating back to 2014 in which information for at least 500 million accounts was compromised. Though the deal was tentatively said to be reached during the first quarter of 2017, it will be delayed to the second quarter.

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Yahoo shares rose 1.7% to $45.78. Yahoo did not immediately respond to a request for comment. It could be argued that this reflects just how little Verizon values Yahoo!

The reported renegotiations follow months of speculation on whether Verizon would attempt to either revise the deal or walk away from the purchase entirely.