Yahoo, Verizon reportedly reach new -- and cheaper -- buyout deal
Verizon (VZ) and Yahoo (YHOO) have reportedly reached a new takeover agreement that lowers Yahoo’s sale price by $250 million, according to Bloomberg.
The country’s largest wireless carrier announced last year it planned to acquire Yahoo’s core business for $4.83 billion. But the deal was repeatedly delayed after revelations of record-breaking data breaches at Yahoo involving more than 1 billion accounts. The Securities and Exchange Commission is investigating the breaches and their disclosures, Yahoo said in a filing in January.
The web giant has never recovered its top valuation of $111 billion, reached in 1999 during the dot-com bubble. As late as 2008, Yahoo attracted a buyout offer from Microsoft valued at nearly $45 billion, but the company rejected the bid, arguing it “substantially undervalues Yahoo.”
Verizon declined to comment on the report Wednesday. A spokesman for Yahoo did not respond to a request for comment.
