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Yahoo! to sell stake in china's alibaba for $7.1 billion by wwy yrj
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Yahoo! to sell stake in china's alibaba for $7.1 billion by WWY YRJ
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| Article Posted: 11/30/2012 |
| Article Views: 47 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 369 |
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Yahoo! to sell stake in china's alibaba for $7.1 billion |
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Business,Business News,Business Opportunities
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"At the minimum price and assuming the initial repurchase of thefull 20% stake, Yahoo! would receive from Alibaba consideration ofapproximately $7.1 billion, composed of at least $6.3 billion incash proceeds and up to $800 million in newly-issued Alibabapreferred stock," the firms said in a statement on Sunday. "Today's agreement provides clarity for our shareholders on asubstantial component of Yahoo!'s value and reaffirms thesignificance of our relationship with Alibaba," said RossLevinsohn, Interim CEO of Yahoo!. "We look forward to continuedcollaboration with the Alibaba team on business initiatives as weexplore joint opportunities for growth and benefit from Alibaba'sfuture. Alibaba's leadership was also upbeat about doors the relationshipcould open.
"This transaction opens a new chapter in our relationship withYahoo!," said Jack Ma, Chairman and Chief Executive Officer ofAlibaba Group. "I look forward to working with Ross Levinsohn andthe Yahoo! team as Alibaba builds China's leading e-commercecompany. Yahoo!'s global audience reach will provide attractivepartnership opportunities for Alibaba." Yahoo! stock price had climbed Friday on rumors that it was closeto a multibillion-dollar deal to sell half of its stake inAlibaba.com back to the Chinese online shopping portal. Yahoo! shares were up nearly four percent to $15.42 on the Nasdaqexchange by the close of trading due to unconfirmed reports thatthe only hurdle remaining was for the boards of the companies tosign off on the deal. Alibaba had long expressed a desire to buy back the 43 percentchunk of the company owned by Yahoo!, but repeated attempts atworking out terms failed.
Cashing out the Yahoo! share of Alibaba had been part of aturnaround plan by freshly ousted Yahoo! chief executive ScottThompson. Thompson was forced out this month in the face of controversy aboutan inflated resume, resulting in a truce in a proxy war withmutinous shareholder Daniel Loeb. As part of the settlement with Loeb's hedge fund Third Point, RossLevinsohn became interim Yahoo! chief and Fred Amoroso took chargeof the board of directors the Sunnyvale, California-based firm. Loeb and two of his picks -- Harry Wilson and Michael Wolf -- weregiven seats on the Yahoo! board. I am Explosive writer, reports some information about ceramic heat emitters , plastic suction cups.
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