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Yahoo Shareholders Approve Pending Sale of Core Business to Verizon

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd.

Reuters

Updated:June 9, 2017, 11:44 AM IST
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Yahoo Shareholders Approve Pending Sale of Core Business to Verizon
After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd. (PHOTO: GETTY IMAGES)
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Yahoo Inc shareholders on Thursday approved the company's pending sale of its core internet business to Verizon Communications Inc (VZ.N) for $4.48 billion, according to preliminary results from a shareholder meeting.

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Yahoo expects that the deal will close on June 13, 2017.

The company also said it extended a tender offer to buy back up to $3 billion shares to June 16 from June 13.

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The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

Read more: 5 Best Budget Android Smartphones From Xiaomi

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent stake in Yahoo Japan Corp (4689.T).

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