Yahoo to Pursue Alibaba Stake Spinoff Without IRS Ruling -- Update
September 28 2015 - 6:17PM
Dow Jones News
By Josh Beckerman
Yahoo Inc. will continue pursuing a spinoff plan for its Alibaba
Group Holding Ltd. shares.
The company said in a filing Monday that its board determined
last Wednesday to pursue the plan.
Earlier this month, after the federal government dealt a setback
to Yahoo's plan for a tax-free spinoff, Yahoo General Counsel Ron
Bell said the company would consider its options, including
proceeding with the move.
Yahoo said Monday that it expects to complete the transaction in
the fourth quarter.
In after-hours trading, Yahoo shares rose 3.3% to $28.51.
Tax concerns have weighed on Yahoo investors since the company
announced in January its plan to spin off 384 million Alibaba
shares, representing about 15% of the Chinese e-commerce giant.
The IRS said in May that the agency is considering changes to
its rules governing spinoffs, sending Yahoo shares sliding.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 18:02 ET (22:02 GMT)
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