News Summary: Yahoo to buy 40M shares from LoebJuly 22, 2013 @ 10:12 am
(AP) - RESIGNATIONS: Dan Loeb and two other directors nominated by hedge fund Third Point are leaving Yahoo Inc.'s board as the company's stock has posted big gains over the past year.
BUYBACK: Yahoo is also repurchasing 40 million shares from Third Point for $1.16 billion. The company will pay $29.11 per share, matching Yahoo's Friday closing price. This cuts Loeb's stake in Yahoo from 5.8 percent to less than 2 percent.
BOARD: Yahoo's board will have seven directors once Loeb, Harry Wilson and Michael Wolf depart. Yahoo said the remaining directors will take a look at the board's size and composition.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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