The Wall Street Journal reported that Verizon's lawyers are looking at using the "material adverse clause' to renegotiate the terms of the $4.8 billion deal they struck on July.
Verizon’s general counsel, Craig Silliman, said “we have a reasonable basis to believe right now that the impact is material.”
Would you say that losing your whole customer database is an adverse change? I would! Especially after you promise in your merger agreement that no security breach had taken place—and that no breaches will have occurred by the deal’s closing. Yeah, right.