Softbank Looking to Transfer Massive Stake in Yahoo! (YHOO) to Pay Debt
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Japan's Softbank said it will unload most it's relatively large stake in Yahoo! (Nasdaq: YHOO), according to reports Friday morning.
The bank said it would transfer most of the stake, amounting to nearly 4 percent of all outstanding Yahoo! shares, to Citibank N.A. (NYSE: C) in order to pay off a $1.135 billion loan taken out in 2004.
At today's prices, it's position is worth about $660 million, down 45 percent from when originally bought, according to Reuters.
Following the transfer, Softbank will keep a 0.002 percent stake in Yahoo!
Shares of Yahoo! are 1.9 percent lower Friday.
The bank said it would transfer most of the stake, amounting to nearly 4 percent of all outstanding Yahoo! shares, to Citibank N.A. (NYSE: C) in order to pay off a $1.135 billion loan taken out in 2004.
At today's prices, it's position is worth about $660 million, down 45 percent from when originally bought, according to Reuters.
Following the transfer, Softbank will keep a 0.002 percent stake in Yahoo!
Shares of Yahoo! are 1.9 percent lower Friday.
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