Tech! Yahoo shareholders approve sale to Verizon

Yahoo shareholders approve sale to Verizon

Yahoo shareholders yesterday approved the company’s pending sale of its core Internet business to Verizon Communications for $4.48 billion, according to preliminary results from a shareholder meeting.

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Yahoo expects the deal will close on 13 June.

The company also said it extended a tender offer to buy back up to $3 billion shares to 16 June from 13 June.

The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year.

After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba Group and a 35.5% stake in Yahoo Japan.

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