Tatler-Cox: Verizon Seeking Discount On Yahoo Deal
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Ongoing, First published Oct 18, 2016
Tatler-Cox: $4.8bn deal to buy Yahoo's core internet assets in jeopardy following massive hack.
Tatler Cox: The $4.8 billion deal in which US telecommunications giant, Verizon is purchasing Yahoo's core internet properties has been thrown into doubt following the latter's disclosure that a security breach had led to the accounts of more than 500 million users falling into the hands of hackers in 2014.
Verizon is seeking a $1 billion discount and is conducting an investigation into whether or not Yahoo's failure to admit to the hack represented a material impact on the company and its value before it agreed the purchase price.
Verizon says its investigation in "50 to 60%" complete but the deal suffered a further blow last week when it emerged that the US government had asked Yahoo to conduct surveillance on user emails for intelligence information, a request that Yahoo had complied with.

"The security breach was bad enough but the surveillance story could be just as bad since existing and prospective Yahoo mail users could feel less inclined to use the service if the provider is willing to acquiesce to governmental pressure," said Tatler-Cox 's Chief Investment Officer, Ms. Mayla Yakumi.
Yahoo has been quick to dismiss suggestions that a $1 billion discount is justified but Verizon appears adamant.
"Hacking is a fact of life in the internet age but the thought that a simple request by US agencies for information could seriously harm the growth prospects of Yahoo's internet assets going forward," added Yakumi.

Tatler-Cox's strategists believe the discount will have to be offered despite the appeal of Yahoo's business to Verizon. "It's not as if suitors were lined up to buy it and Verizon's concerns are wholly warranted," concluded Yakumi.
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