Yahoo Shares Crash As Verizon Said To Consider Scrapping Deal Over Hacks
By Tyler Durden
We warned it might anmd sure enough, following news of another one billion accounts hacked overnight, Bloomberg reports that Verizon is exploring a price cut or possible exit from its $4.83 billion pending acquisition of Yahoo, according to a person familiar with the matter.
While a Verizon group led by AOL Chief Executive Officer Tim Armstrong is still focused on integration planning to get Yahoo up and running, another team, walled off from the rest, is reviewing the breach disclosures and the company’s options, said the person, who asked not to be identified discussing private information.
A legal team led by Verizon General Counsel Craig Silliman is assessing the damage from the breaches and is working toward either killing the deal or renegotiating the Yahoo purchase at a lower price, the person said. One of the major objectives for Verizon is negotiating a separation from any future legal fallout from the breaches. Verizon is seeking to have Yahoo assume any lasting responsibility for the hack damage, the person said.
The result:
Sending Yahoo to 4 month lows…
Source: Yahoo Shares Crash As Verizon Said To Consider Scrapping Deal Over Hacks
