Altaba's stock surges toward 18-year high after plans to buy back up to 195 million shares [MarketWatch]
ALTABA INC (AABA)
US:NASDAQ Investor Relations:
altaba.com/investor-relations
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Source: MarketWatch
Altaba's stock surges toward 18-year high after plans to buy back up to 195 million shares Shares of Altaba Inc. AABA, +1.23% formerly known as Yahoo, climbed 1.5% in premarket trade Thursday, toward an 18-year high, after the company said it would buy up to 195 million shares of its common stock at about a 3.8% premium to Wednesday's closing price of $80.28. Altaba was Yahoo until the company completed the sale of its operating business to Verizon Communications Inc. VZ, -0.15% last year, and is now a closed-end management investment company that owns a "substantial" stake in Alibaba Group Holding Ltd. BABA, -0.47% Altaba said the purchase price of its shares will be equal to 35% of Wednesday's stock closing price of Alibaba shares of $208.30, plus 5% of the Alibaba volume-weighed average price of $208.8445. That equals $83.35 a share. Altaba's stock, which is on track to open at the highest level seen during regular session hours since April 2000, has run up 15% year to dat
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