Despite new reasons for not taking up the company appearing at regular intervals like clockwork, Verizon still appears to be moving ahead with the Yahoo purchase.
As per a new a filing with the Securities and Exchange Commission though, it appears that the portions of Yahoo that will be left behind, are divesting themselves of the Yahoo name and taking up “Altaba”.
Once the sale completes, the 35.5 percent stakes in Yahoo Japan and the 15 percent stakes in Alibaba will still remain behind. These portions are now being combined together into an investment firm named Altaba. (In a nod to the portion left in the Chinese firm, perhaps?)
Along with this re-branding exercise, some major executive changes will also be taking place at the company, or should we say investment firm.
In light of the fact that following the Closing the Company will operate as an investment company under the Investment Company Act of 1940, the Board has determined that, immediately following the Closing, the size of the Board will be reduced to five (5) directors. Tor Braham, Eric Brandt, Catherine Friedman, Thomas McInerney and Jeffrey Smith will continue to serve as directors of the Company following the Closing, and Mr. Brandt will serve as Chairman of the Board.
Marissa Mayer meanwhile, will be moving on and resigning from the board along with David Filo, Eddy Hartenstein, Richard Hill, Jane Shaw and Maynard Webb.
Meanwhile, the document in the filling also acknowledges the risk of occurrence of events due to which, the “termination” of the deal could take place, and how in that case the document and the changes contained therein may become void. However, it appears to me that such events have already occurred and if the deal is still moving forward, well, there is a fair chance that it will complete as well.
CEO Merisa Mayer will be moving on to unknown destinations. She may be asked to take up a role at Altaba (Unlikely though) or help Verizon in integrating Yahoo with its businesses. She could also become part of Verizon, once the deal completes. Altaba meanwhile, will work with the primary goal of ensuring good returns on its investment in Yahoo Japan and Alibaba.
Meanwhile, Verizon may of course, still ask for a discount on the $4.8 Billion price the companies agreed upon before news of the massive Yahoo breach that affected 1 Billion+ accounts, surfaced.