US: Yahoo stockholders clear Verizon acquisition

Yahoo’s stockholders approved a $4.48 billion Verizon acquisition of its core assets.

In a statement, the company predicted the transaction will close on 13 June, and confirmed it will “change its name to Altaba” following the completion.

The deal hit several setbacks as a result of revelations Yahoo suffered two major data hacks: one in 2014 impacting 500 million user accounts, and one in 2013 affecting more than 1 billion. The latter is the largest known data breach in history and Yahoo faced scrutiny by federal investigators and law makers ever since.

Yahoo also said it extended a tender offer to buy back up to $3 billion-worth of shares from 13 June to 16 June.

Once the deal closes, Verizon will merge the assets from Yahoo with its AOL business, acquired in 2015 for $4.4 billion, to form a business unit called Oath.

Full Content: iClarified

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.

RECOMMENDED FOR YOU
 


More Articles