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Yahoo to buy back 40 mln shares from Third Point
July 22, 2013 / 1:30 PM / 4 years ago

Yahoo to buy back 40 mln shares from Third Point

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.

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