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By Colin Kellaher
Altaba Inc. (AABA) Friday said it will make an initial distribution of $51.50 a share to its holders as the company that holds the unsold remnants of Yahoo Inc. winds down its operations.
The pre-dissolution liquidating distribution is below the $52.12 to $59.63 range Altaba had estimated in April, when its board approved a plan to liquidate.
Yahoo in 2017 sold its internet business to Verizon Communications Inc. (VZ) for $4.5 billion and reorganized as Altaba, a closed-end fund whose chief asset was a 15% stake in Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA) worth more than $50 billion.
Altaba in June said it had sold about 126.4 million Alibaba shares, or roughly 45% of its holdings.
Altaba said the initial distribution is payable Sept. 23 to shareholders of record Sept. 16, adding that it will promptly file a certificate of dissolution with the state of Delaware following the payment.
The fund in April estimated it could make total liquidating distributions of $76.62 to $79.22 a share, based on an Alibaba value of $177 a share.
Altaba shares closed Thursday at $69.62, while U.S.-listed shares of Alibaba closed at $178.94.
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(END) Dow Jones Newswires
September 06, 2019 08:31 ET (12:31 GMT)
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