Shareholders of Yahoo Inc. have approved the sale of the company’s operating business to Verizon.
It would be recalled that Verizon Communications has acquired Yahoo last year after it won the heavily contested bid alongside Alphabet, Google Inc’s parent company and many other tech giants.
The announcement of the sale was part of the preliminary results of its special meeting of stockholders held today.
In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company’s named executive officers in connection with the completion of the Sale Transaction.
The final voting results for each of the proposals voted on at the Special Meeting will be reported on a Current Report on Form 8-K, in accordance with the rules of the Securities and Exchange Commission.
Yahoo anticipates that the Sale Transaction will close on June 13, 2017. As previously announced, following the closing of the Sale Transaction, the Company will change its name to “Altaba Inc.” and register as an investment company under the Investment Company Act of 1940.
Extends USD3 billion share buyback programme
As part of the outcome of the meeting Yahoo has also announced an extension of its previously announced modified “Dutch auction” self-tender offer to purchase for cash up to $3,000,000,000 of shares of its common stock until June 16, 2017 at 11:59 p.m., New York City time, unless the tender offer is further extended or withdrawn by the Company.
The tender offer was previously scheduled to expire on June 13, 2017 at 11:59 p.m., New York City time. As of the close of business on June 7, 2017, Computershare Trust Company N.A., the depositary for the tender offer, has advised that approximately 20,233 shares of Yahoo’s common stock have been tendered and not withdrawn. Holders of Yahoo common stock who have already tendered their shares do not have to re-tender their securities or take any other action as a result of the extension of the expiration date of the tender offer.
Unless the tender offer is further extended, the “Alibaba VWAP” will be the daily volume-weighted average price for an American Depositary Share of Alibaba Group Holding Limited on the New York Stock Exchange on June 14, 2017, the second trading day prior to the revised expiration date; provided, that in no event will the Alibaba VWAP be less than $100.00 for the purpose of computing the purchase price to be paid in the tender offer.
