Concurrently with the commencement of the tender offer by SoftBank Corp,
Yahoo Japan will commence a self-tender to offer to acquire up to 611,111,111 of its shares at same mentioned per share price above.
Yahoo's key assets include premium content brands in major categories including finance, news and sports, as well as its email services.
Mayer has been under pressure from shareholders to "unlock" value for
Yahoo, whose core business has been effectively held a zero or negative value.
Unlike Mark Zuckerberg at Facebook and Larry at Google, co-founders of
Yahoo essentially disconnected themselves with decisions related to the product design.
The 8,800 employees
Yahoo brings to Verizon are likely to see significant reductions in number given natural synergies; Mayer already slashed her work force by 20% over the past year to get her company ready for sale.
Yahoo shares gained 1.4 percent, closing at $39.38 on Friday.
Once the deal is complete,
Yahoo will become a holding company for its two stakes in China's e-commerce leader, Alibaba Group, and
Yahoo Japan, which is where the majority of
Yahoo's market value comes from.
"The acquisition of
Yahoo will put Verizon in a highly competitive position as a top global mobile media company, and help accelerate our revenue stream in digital advertising."
" We want to compete and that is the place we need to be." In a Tumblr blog post,
Yahoo Chief Executive Officer Marissa Mayer said she planned to stay at
Yahoo, but Walden, who will head the combined company, told CNBC the new leadership team has yet to be determined.
The deal, expected to close in early 2017, marks the end of
Yahoo as an operating company, leaving it with a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd and a 35.5 percent interest in
Yahoo Japan Corp.
Summary:
Yahoo's directors ended 3 days of deliberations Friday without announcing if they will proceed with plans to spin off its $31b of stock in Alibaba
Yahoo launched a next-generation messaging platform Thursday in an ambitious bid to steal a march on a crowded field, as rumors swirled that the Internet pioneer is considering selling its core business.
San Francisco:
Yahoo will fold up its online map service this month as it strives to recapture past glory by reinventing itself as a premier venue for digital lifestyles.
