Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Reuters
Reuters
Business

Yahoo shareholders approve sale of core business to Verizon

A photo illustration shows a Yahoo logo on a smartphone in front of a displayed cyber code and keyboard on December 15, 2016. REUTERS/Dado Ruvic/Illustration

(Reuters) - Yahoo Inc <YHOO.O> 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.

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.

The Verizon logo is seen on the side of a truck in New York City, U.S., October 13, 2016. REUTERS/Brendan McDermid

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.

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>.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
The Jim Irsay Collection sale live: David Gilmour's Black Strat sells for record-shattering $14.5 million in the biggest guitar auction in history
We were live on the ground at Christie's auction house in New York as the world's greatest guitar collection went under the hammer
Guitar World
Guitar World
29 Facebook Groups That Are Proof The Internet Is A Weird Place But That’s Why People Love It
The internet, and especially social media, can be a truly bizarre place. The majority of the global population is online, so you’re bound to come across some creative and chaotic communities on social networks. To show you exactly what that means, our team has curated this list of really weird…
Bored Panda
Bored Panda
“I threw my guitar off mid strum, dove into the crowd and began strangling him to the ground”: Billy Corgan on the first time he met future Smashing Pumpkins bassist Melissa Auf der Maur
The pair reflect on how a heckler at an early Pumpkins gig led to a decades-long friendship
Guitar World
Guitar World
Is ‘period syncing’ real? Two reproductive health experts explain
Have you ever heard two or more women say they’re on the same cycle?
The Conversation
The Conversation
Why Are the Pussycat Dolls a Trio Now? What We Know About the Rest of the Original Members
The Pussycat Dolls return as a trio after years of disputes, legal battles and stalled reunions. Explore how one of pop's biggest girl groups changed and evolved.
International Business Times UK
International Business Times UK
“Is There More To It Beyond Grief?”: Photos Of Kelly And Sharon Osbourne Continue To Raise Alarm Among Friends
“Why this cadaverous-looking woman was up on stage, next to her similarly frail mother, instead of under strict medical care,” Times of London columnist Hadley Freeman said.
Bored Panda
Bored Panda
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play