Yahoo shareholders approve sale of core business to Verizon

Thu Jun 8, 2017 12:44pm EDT
 
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(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: Quote) 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 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: Quote) and a 35.5 percent stake in Yahoo Japan Corp (4689.T: Quote).

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

 
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