Yahoo agrees price cut on Verizon deal following hacks - reports

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

  • 45.04
  • -0.97%-0.44
  • Max: 45.49
  • Min: 44.85
  • Volume: 15,841,833
  • MM 200 : n/a
21:27 24/05/17
  • 50.32
  • 0.02%0.01
  • Max: 50.59
  • Min: 49.90
  • Volume: 12,230,716
  • MM 200 : n/a
23:26 24/05/17
  • 21,012.42
  • 0.36%74.51
  • Max: 21,009.03
  • Min: 20,933.58
  • Volume: 0
  • MM 200 : n/a
23:10 24/05/17
  • 2,404.39
  • 0.43%10.37
  • Max: 2,405.58
  • Min: 2,397.99
  • Volume: 0
  • MM 200 : n/a
21:26 24/05/17
  • 5,730.30
  • 0.47%26.96
  • Max: 5,732.57
  • Min: 5,705.17
  • Volume: 0
  • MM 200 : n/a
23:26 24/05/17
  • 1,060.76
  • 0.50%5.24
  • Max: 1,061.26
  • Min: 1,057.76
  • Volume: 0
  • MM 200 : n/a
21:26 24/05/17

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

24 May US close: Markets finish higher as investors mull Fed minutes

Wall Street's main market averages finished in the green on Wednesday, with Treasury yields slipping after the release of the minutes from the Federal Open Market Committee’s May meeting.

24 May Europe close: Stocks tread water, ECB, Fed in focus

European indices finished the session on a mixed note despite, or perhaps on account of, dovish remarks from two top European Central Bank officials.

24 May London close: FTSE wanders to positive close ahead of Fed minutes

Stocks in London wandered to a positive close on Wednesday as investors embraced a raft of corporate news, and as the market looked to this evening's Federal Reserve minutes release.

24 May US crude oil inventories drop more than expected

US crude oil stockpiles drew more quickly than expected last week with analysts pointing to near-record refinery runs as the main culprit.

24 May Thursday preview: UK GDP, Halfords, Qinetiq, B&M

Following a quiet week for UK data, Thursday will allow economists to get their teeth into more granular detail about the consumer backdrop, with the second release of gross domestic product for the first-quarter, plus the index of services and results from companies including Halford, United Utilities and QinetiQ.

24 May Wood Group's Amec takeover under spotlight amid SFO's Unaoil probe

A potential spanner has been thrown in the works of John Wood Group's acquisition of fellow engineer Amec Foster Wheeler after the pair revealed connections to the Unaoil bribery scandal.

24 May ECB's Draghi does not see financial stability risks

Low interest rates and other policy measures are not storing up trouble for the future in the single currency bloc, rather the opposite, so no change in policy guidance is required, the European Central Bank's boss said.

24 May US existing home sales drop more than expected in April

Sales of US existing home sales fell more than expected in April, according to data from the National Association of Realtors.

24 May US house price growth slows a tad in March, FHFA says

House prices in the US continued to rise at a steep pace in March amid continued strong demand and low inventories which more than offset slightly higher mortgage rates.

24 May Strat Aero wins contract with Cyprus Department of Civil Aviation

International aerospace company Strat Aero announced a contract with the Cyprus Department of Civil Aviation on Wednesday, to provide aviation consulting services.