Yahoo today announced that it has entered into an agreement to repurchase 40 million shares of Yahoo common stock beneficially owned by Third Point LLC for $1.16 billion at a purchase price of $29.11 per share. The deal means Third Point will owe approximately 20 million shares once the repurchase completed.
“Daniel Loeb had the vision to see Yahoo for its immense potential – the potential to return to greatness as a company and the potential to deliver significant shareholder value,” said Yahoo! CEO Marissa Mayer. “On behalf of the Board and our entire team, I’d like to take this opportunity to personally thank Dan, Michael, and Harry for the tremendous opportunities they created here at Yahoo.”
Photo Credit: Flickr/Yahoo!
