1. Yahoo to buy back $3 billion shares

Yahoo to buy back $3 billion shares

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.

By: | Published: May 16, 2017 5:41 PM
Yahoo said it would pay between .79 and .74 per share based on its calculations, Alibaba’s share price and timing of the buyback.

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.

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