Yahoo agrees price cut on Verizon deal following hacks - reports

Conor Coyle Sharecast | 16 Feb, 2017 11:42 | | |

  • 49.14
  • -1.09%-0.54
  • Max: 49.76
  • Min: 48.92
  • Volume: 13,269,373
  • MM 200 : n/a
01:16 28/03/17
  • 46.40
  • -0.00%-0.00
  • Max: 46.48
  • Min: 45.74
  • Volume: 6,016,624
  • MM 200 : n/a
02:16 28/03/17
  • 20,550.98
  • -0.22%-45.74
  • Max: 20,578.46
  • Min: 20,412.80
  • Volume: 0
  • MM 200 : n/a
23:10 27/03/17
  • 2,341.59
  • -0.10%-2.39
  • Max: 2,344.90
  • Min: 2,322.25
  • Volume: 1,931,759,872
  • MM 200 : n/a
01:16 28/03/17
  • 5,374.27
  • 0.19%10.28
  • Max: 5,383.22
  • Min: 5,316.02
  • Volume: 0
  • MM 200 : n/a
22:26 27/03/17
  • 1,038.09
  • -0.10%-0.99
  • Max: 1,039.52
  • Min: 1,029.70
  • Volume: 826,445,504
  • MM 200 : n/a
01:16 28/03/17

Internet firm Yahoo Inc. has reportedly agreed renegotiated terms on its agreement to have its core internet operations taken over by telecoms giant Verizon Communications, including a price cut of the original value of the deal.

The initial $4.8bn sale to Verizon was questioned after revelations of millions accounts being hacked , including usernames, passwords and e-mail addresses.

Several reports say that as much as $350.0m could be taken off the total price of the agreement, which was agreed in 2016.

Yahoo admitted in December that it was hit by a large cyber attack in 2013 which affected as many as one billion account holders, in addition to another breach in 2014 which saw 500m affected.

Verizon were allegedly unhappy that they were not briefed on the issues before the deal was signed off, with the Securities and Exchange Commission launching an investigation into whether Yahoo should have informed investors of the breach sooner.

The closure of the acquisition was pushed back after an announcement from Yahoo in its fourth quarter earnings report in January, citing "work required to meet closing conditions".

Verizon's shares were 0.64% higher in pre-market trading as of 12:08 GMT, while Yahoo was flat after finishing Wednesday 1.4% higher in the NASDAQ index.

More news

27 Mar US close: Stocks end mostly lower amid doubts about Trump agenda

US stocks ended mostly lower on Monday, with the Dow notching its longest losing streak since August 2011 amid growing doubts about President Donald Trump’s ability to push through his economic agenda.

27 Mar Fed's Evans sounds dovish note

A top US central bank official sounded a relatively dovish note on Monday.

27 Mar Bonds: Treasuries start week on a strong note, Bunds underperform

These were the movements in the most closely-followed 10-year sovereign bond yields: US: 2.37% (-4bp)UK: 1.17% (-3bp)Germany: 0.42% (-0bp)France: 0.97% (-1bp)Spain: 2.20% (-3bp)Italy: 2.20% (-3bp)Portugal: 4.08% (-6bp)Greece: 7.26% (-15bp) Japan: 0.06% (-1bp)

27 Mar Europe close: Stocks end lower, but off worst levels

Europe' main indices traded lower on Monday as doubts over US president Donald Trump’s agenda crept in, sending the euro higher, despite an upbeat reading on German business confidence and positive news on the political front in the Eurozone's largest nation.

27 Mar London close: FTSE falls on resources, financials as Trump's ability to deliver scrutinised

Equities in London closed the day much lower with investors selling resources stocks and heading for gold on doubts about whether US President Donald Trump will be able to deliver on his healthcare and fiscal stimulus promises.

27 Mar Directors dealings: Babcock chief, chairman buy on weakness

Babcock's boss and chairman both picked up shares in the company they lead at the start of the week.

27 Mar US open: Dow heading to longest losing run in 6 years on Trump concerns

US stocks opened lower on Monday putting the Dow on track for its longest losing streak since 2011 amid growing doubts about President Donald Trump’s ability to push through his economic agenda.

27 Mar Tuesday preview: Ladbrokes Coral and Wolseley results due

Tuesday's financial calendar sees Ladbrokes Coral and Wolseley among the larger of those reporting results, while headlines may be grabbed by the Scottish Parliament as it votes on whether to support a second independence referendum the day before Theresa May's planned announcement about kicking off the Brexit negotiation process.

27 Mar FTSE 250 movers: Inchcape motors on; miners lose their lustre

A positive note on Inchcape saw shares in the automotive services and retailer lead the risers on the FTSE 250.

27 Mar Exova confirms discussions with potential suitors

Exova Group, noting recent market speculation, confirmed on Monday it received proposals from Element Materials Technology, Jacobs Holding and PAI Partners SAS regarding a possible cash offer for the company.