Yahoo to buy back 40 million shares from Third Point
Reuters July 22, 2013, 11:30 pm
The headquarters of Yahoo Inc. is shown in Sunnyvale, California May 5, 2008. Yahoo Inc's shares tumbled as much as 20 percent on Monday after Microsoft Corp withdrew its $47.5 billion takeover offer, wiping about $7.6 billion off the Internet company's market capitalization and piling pressure on its leadership. REUTERS/Robert Galbraith
(Reuters) - Yahoo Inc said on Monday that it had agreed to buy 40 million shares of its stock owned by Third Point LLC for $29.11 a share and that three directors nominated by Third Point have submitted their resignations.
After the transaction, Third Point would own about 20 million shares, or less than 2 percent of the Internet company's common stock. Yahoo's shares closed at $29.11 on Friday.
(Reporting by Sinead Carew)
