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Yahoo to buy back US$3b shares

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Yahoo Inc said on Tuesday it would buy back US$3 billion of its common shares to provide liquidity to stockholders looking to sell shares ahead of the company's pending deal with Verizon Communications Inc.

[BENGALURU] Yahoo Inc said on Tuesday it would buy back US$3 billion of its common shares to provide liquidity to stockholders looking to sell shares ahead of the company's pending deal with Verizon Communications Inc.

Shares in Yahoo, which has a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Ltd, were up 2 per cent at US$50.81.

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

The Dutch auction tender offer will expire on June 13, the company said.

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Yahoo said its directors and executive officers will not tender any shares in the buyback offer.

Verizon agreed to buy Yahoo's core internet properties last year for US$4.83 billion in cash. It lowered the original offer by US$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 per cent stake in Yahoo Japan.

REUTERS

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