Yahoo to buy back $3B in shares
- 7 years ago
Yahoo Inc said on Tuesday that they will take back $3 billion of its common shares as they’re starting a new deal with Verizon. The company saw its shares go up 0.6 percent at $50.15 in premarket trading. Yahoo already has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd and said they would pay between $50.79 and $44.74 per share based on Alibaba’s price and timing of the buyback. Verizon agreed to buy Yahoo’s core internet properties for $350 million in February. Yahoo will be renamed 'Altaba' after Verizon buys its properties.