Yahoo Shareholders Approve Verizon Purchase

 

Yahoo headquarters in Sunnyvale.

Yahoo headquarters in Sunnyvale.

SUNNYVALE¬†— The end of an era for Yahoo as an independent company is coming soon. The company announced preliminary results of a special shareholder meeting. Yahoo stockholders approved the previously announced proposed sale to Verizon Communications of the Company’s operating business¬†for $4.48 billion. In addition, Yahoo stockholders voted to approve the advisory vote on the compensation payable to the Company’s named executive officers in connection with the completion of the Sale Transaction.

The final voting results for each of the proposals voted on at the Special Meeting will be reported on a Current Report on Form 8-K, in accordance with the rules of the Securities and Exchange Commission (the “SEC”).

Yahoo anticipates that the Sale Transaction will close next Tuesday on June 13, 2017. As previously announced, following the closing of the Sale Transaction, the Company will change its name to “Altaba Inc.” and register as an investment company under the Investment Company Act of 1940 (the “1940 Act”).

Yahoo is expected to merge with Verizon’s AOL division into a new company called Oath. Up to 2,000 or more employees could be laid off when the merger is completed.

Yahoo also announced a stock buyback of $3 billion as its merger will be completed next week. The company will no longer be a member of the S&P 500 Index after the deal with Verizon.