Yahoo! (YHOO) 40M Share Sale by Third Point Raises Concerns
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Yahoo! (YHOO) to Repurchase 40M Common from Third Point at $29.11/Share
July 22, 2013 9:19 AM EDTYahoo! Inc. (Nasdaq: YHOO) has entered into an agreement to repurchase 40 million shares of Yahoo! common stock beneficially owned by Third Point LLC ("Third Point"), at a purchase price of $29.11 per share. The purchase price equals the closing price of Yahoo! common stock on July 19, 2013.
Following the repurchase, Third Point will beneficially own approximately 20 million shares, representing less than 2 percent of Yahoo!'s outstanding common stock. In accordance with the Boards settlement agreement announced on May 13, 2012, each of the directors originally nominated by Third Point -- Daniel S. Loeb, Harry... More
