|[October 15, 2013]
Yahoo Enters into Amendment to Share Repurchase and Preference Sale Agreement with Alibaba
SUNNYVALE, Calif. --(Business Wire)--
Yahoo! Inc. (NASDAQ:YHOO) announced today that it has entered into an
amendment to the share repurchase and preference sale agreement with
Alibaba Group Holding Limited. The amendment reduces the maximum number
of shares of Alibaba Group that Yahoo is required to sell in connection
with a qualified initial public offering (IPO) of Alibaba, from 261.5
million shares to 208 million shares.
The original repurchase agreement, entered into in May 2012, provided
that in the event Alibaba completed a qualified IPO, Yahoo would sell up
to 261.5 million of its 523.6 million ordinary shares of Alibaba, either
directly to Alibaba Group or in the qualified IPO. After an IPO, Yahoo
has the right to sell its remaining shares at its discretion.
"Yahoo has always believed in the long-term potential and value of
Alibaba, and we are pleased to maintain a larger stke in the company's
future," said Jacqueline D. Reses, Chief Development Officer of Yahoo
and Alibaba board member. "We look forward to continued partnership with
Jack, Joe and the entire Alibaba team."
"Under its new leadership, Yahoo has made it a priority to build a good
relationship with Alibaba," said Joe Tsai, Executive Vice Chairman and
board member of Alibaba, "We look forward to working with Yahoo as a
supportive shareholder and partner to expand our business for future
Yahoo is focused on making the world's daily habits inspiring and
entertaining. By creating highly personalized experiences for our users,
we keep people connected to what matters most to them, across devices
and around the world. In turn, we create value for advertisers by
connecting them with the audiences that build their businesses. Yahoo is
headquartered in Sunnyvale, Calif., and has offices located throughout
the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa
(EMEA) regions. For more information, visit the pressroom (pressroom.yahoo.net)
or the company's blog (yahoo.tumblr.com).
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