Yahoo to buy back 40 mln shares from Third Point

July 22 Mon Jul 22, 2013 9:27am EDT

July 22 (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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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