Yahoo Agrees To $1.16B Buyback Deal With Third Point

Law360, New York (July 22, 2013, 3:38 PM EDT) -- Yahoo Inc. on Monday announced it will buy back the majority of hedge fund Third Point LLC’s stake in the company in a $1.16 billion deal, prompting the three directors nominated to Yahoo’s board by the activist investor to step down.

Under the terms of the deal, Yahoo will repurchase 40 million shares of common stock from Third Point at a price of $29.11 per share — equal to its closing price on Friday — leaving the hedge fund holding about 20 million shares, or about 2...
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