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10 January 2017
| James Pearce
The remains of Yahoo will be renamed Altaba and CEO Marissa Mayer will step down from the board – if Verizon’s proposed $4.83 billion takeover is completed.
US telco agreed to buy Yahoo’s search engine, web
portal ad other assets back in July,
although doubts have been cast on the deal following
two separate cyber-attacks carried out against Yahoo that
rank among the biggest data breaches in history.
According to a filing to the SEC, should Verizon to continue
with its takeover plans, the remains of Yahoo will undergo a
rebrand to Altaba. Those remaining assets include its 36% stake
in Yahoo Japan and a 16% stake in e-commerce giant Alibaba,
plus a vast patent portfolio.
Marissa Mayer, who has been CEO at Yahoo since 2012, will
step down from the company, along with five other board
Should the deal be completed, the remaining assets will be
integrated with AOL, which was acquired by Verizon in 2015 in a
$4.4 billion deal. In July, an AOL spokesperson said Yahoo
brands including Yahoo Finance and Yahoo sports will continue
Doubt still lingers over the potential takeover, following
disclosures last year of two separate data breaches that
impacted more than one billion accounts.
The deal is subject to final approval from Verizon, and is
currently undergoing scrutiny from regulators.
After Yahoo first disclosed a data breach effecting
up to 500 million customers in September, reports appeared
claiming Verizon was looking to get
up to $1 billion knocked off the value of the deal. The
breach took place in late 2014, and was blamed on
"state-sponsored hackers" by the internet giant.
In December, Yahoo revealed it had also suffered what is
reportedly the largest data breach in history in 2013, with
more than one billion accounts potentially at risk.
mergers and acquisitions,