As Yahoo! (YHOO) shareholders consider their votes on the $4.48 million sale of the company's operating business to Verizon (VZ) , they got official confirmation of just how drastic a price cut the telecom wanted in the wake of two massive security breaches.
Though the telecom settled on a $350 million discount, a merger proxy filed Monday states that Verizon CEO Lowell McAdam initially pressed for a $925 million rebate. Reports had suggested that Verizon had wanted to slash $1 billion from the price.
Shares of Yahoo! gained about 1.3% on Monday at $46.57, while Verizon was up slightly to $49.47.
The company said Monday that after the troubled Internet icon closes the sale of its core Internet businesses to Verizon, Yahoo! Director Thomas McInerery will replace Marissa Mayer as CEO. McInerney chaired the Strategic Review Committee that engineered the sale to Verizon, and is a former CFO of Barry Diller's media and Internet group IAC/InterActiveCorp. Separately, Yahoo! financial executive Alexi Wellman will take Ken Goldman's place as CFO.
The post-sale holding company will take the name "Altaba Inc." and trade under the ticker AABA. The operation will own the company's stakes in Alibaba (BABA) and Yahoo! Japan, which account for the bulk of Yahoo!'s $44.5 billion market cap.