Yahoo Announces SEC Filing for Planned Spin-Off of Remaining Stake in Alibaba Group
July 17 2015 - 4:51PM
Business Wire
Yahoo! Inc. (NASDAQ:YHOO) today announced the initial filing
with the Securities and Exchange Commission of a Registration
Statement on Form N-2 under the Investment Company Act of 1940 in
connection with its previously announced plan to spin off the
company's remaining holdings in Alibaba Group Holding Limited into
a newly formed independent, publicly traded, registered investment
company. The name selected for the new public company is Aabaco
Holdings, Inc.
Under the spin-off plan, announced on January 27, 2015, Yahoo
plans to distribute all of the outstanding shares of Aabaco
Holdings pro rata to its shareholders. Immediately after the
spin-off, Aabaco Holdings will own approximately 384 million shares
of Alibaba Group, representing an ownership interest of
approximately 15% in Alibaba Group, and a 100% ownership interest
in a newly formed entity which will own Yahoo Small Business.
The initial filing provides important information about the
spin-off and Aabaco Holdings. Additional and updated information
will be provided in subsequent amendments to the Form N-2. A copy
of the Form N-2 Registration Statement is available on the SEC’s
website at www.sec.gov using the name
Aabaco Holdings, Inc.
The spin-off is expected to be completed in the fourth quarter
of 2015, subject to final approval by Yahoo's board of directors
and the satisfaction or waiver by Yahoo of certain other
conditions.
About Yahoo
Yahoo is a guide focused on informing, connecting, and
entertaining our users. By creating highly personalized experiences
for our users, we keep people connected to what matters most to
them, across devices and around the world. In turn, we create value
for advertisers by connecting them with the audiences that build
their businesses. Yahoo is headquartered in Sunnyvale, California,
and has offices located throughout the Americas, Asia Pacific
(APAC) and the Europe, Middle East and Africa (EMEA) regions. For
more information, visit the pressroom (pressroom.yahoo.net) or the
Company's blog (yahoo.tumblr.com).
This press release contains forward-looking statements regarding
Yahoo’s plan to spin-off its remaining holdings in Alibaba Group
Holding Limited into a newly formed independent, publicly traded,
registered investment company. Risks and uncertainties may cause
actual results to differ materially from the results predicted.
With respect to the proposed spin-off transaction, the potential
risks and uncertainties include, among others, possible delays or
failure in satisfying conditions to completion of the proposed
spin-off; adverse regulatory developments or determinations or
adverse changes in, or interpretations of, U.S. or foreign tax
laws, rules or regulations, that could delay or prevent completion
of the proposed spin-off or cause the terms of the proposed
spin-off to be modified; and risks related to realization of the
expected benefits of the proposed spin-off to Yahoo and its
shareholders. All information set forth in this press release is as
of July 17, 2015. Yahoo does not intend, and undertakes no duty, to
update this information to reflect subsequent events or
circumstances. More information about potential factors that could
affect Yahoo's business and financial results is included under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Yahoo's Annual
Report on Form 10-K for the year ended December 31, 2014 and
Quarterly Report on Form 10-Q for the quarter ended March 31, 2015,
which are on file with the SEC and available on the SEC's website
at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20150717005794/en/
Yahoo! Inc.Media Relations Contact:Sarah Meron,
408-349-4040media@yahoo-inc.comInvestor Relations
Contact:Joon Huh, 408-349-3382investorrelations@yahoo-inc.com
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