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Verizon says Yahoo email hacking could affect deal

2016-10-14 03:28 by
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Verizon may step back from buying Yahoo after the massive data breach that Yahoo announced 3 weeks ago.

According to a clause in the deal, Verizon can withdraw if a new event "reasonably can be expected to have a material adverse effect on the business, assets, properties, results of operation or financial condition of the business."

The wireless carrier may declare Yahoo's huge data breach a "material event." That likely means Verizon wouldn't have offered as much money - or made a bid for Yahoo at all - had it known about the hack earlier.

"I think we have a reasonable basis to believe right now that impact is material," Verizon General Counsel Craig Silliman told a small group of reporters at a roundtable. "And we're looking to Yahoo to demonstrate to us the full impact if they believe it's not. They'll need to show us that, but the process is in the works."

Here's Yahoo's comment on the issue:

"We are confident in Yahoo's value and we continue to work towards integration with Verizon."

Read more -here-

 

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