Yahoo! Inc sells her shares in Alibaba
- Yahoo! Inc sells 150 million worth of Alibaba stocks
Alibaba.com (HKSE1688) may under price pressure today as its US search engine partner, Yahoo! Inc has decided to sell 57.48 million shares of Alibaba.com at HK$19.80-20.30 each, according to a term sheet obtained by Reuters on Monday. The price range represents a 4-6.4 percent discount to the stock’s closing price of HK$21.15 on Monday.
In 2005, Yahoo paid $1 billion and swapped its Chinese operations for a 40 percent stake in closely held Alibaba Group, the unlisted parent company of Alibaba.
In 2007, the U.S. Internet portal was one of eight “cornerstone” investors which subscribed to the $1.7 billion initial public offering of Alibaba.com, the biggest first-time share sale by an Internet company since Google Inc.’s IPO in 2004.
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