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Yahoo to Buy Back $3 Billion of Shares

Image: Yahoo to Buy Back $3 Billion of Shares
(AP/Marcio Jose Sanchez)

Tuesday, 16 May 2017 07:35 AM

Yahoo Inc. said on Tuesday it would buy back $3 billion of its common shares, ahead of the company's pending deal with Verizon Communications Inc.

Shares in Yahoo, which has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd, were up 0.6 percent at $50.15 in premarket trading.

Yahoo said it would pay between $50.79 and $44.74 per share based on its calculations, Alibaba's share price and timing of the buyback.

Verizon agreed to buy Yahoo's core internet properties last year for $4.83 billion in cash. It lowered the original offer by $350 million in February following two massive cyber attacks at the internet company.

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba and a 35.5 percent stake in Yahoo Japan. 

© 2017 Thomson/Reuters. All rights reserved.

   
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Yahoo Inc. said on Tuesday it would buy back $3 billion of its common shares, ahead of the company's pending deal with Verizon Communications Inc.
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2017-35-16
Tuesday, 16 May 2017 07:35 AM
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