Verizon seeks US$1 billion discount on Yahoo offer
US telecommunications giant said to have cold feet on US$4.83 billion takeover after scandals raise liability concerns
Verizon Communications is pressing for a US$1 billion discount on its pending US$4.83 billion takeover of Yahoo Inc., the New York Post reported, citing unidentified sources.
The Yahoo deal team is pushing back against any attempts to negotiate the price down, the paper said. In July, Verizon agreed to buy Yahoo’s core internet properties, setting the stage for a big new internet push by the American telecommunications giant.
Last month Yahoo said at least 500 million of its accounts were hacked in 2014 and in a statement Verizon said it had been made aware of the breach immediately but had limited information about the matter.
US senators accused Yahoo of an unacceptable delay in discovering the hack and urged the Securities and Exchange Commission to investigate whether Yahoo and its senior executives fulfilled obligations to inform investors and the public about the attack.
Verizon and Yahoo both declined to comment.