The stock is -3.5% in after hours trading following Yahoo’s SEC filing saying that CEO Marissa Mayer is rethinking the company’s strategic plan. The key part: she’s also reconsidering the company’s vow to return to shareholders most of the proceeds from its $7.1B stock deal with Alibaba. Yahoo owned about 40% of the Chinese e-commerce power and agreed in May to sell about half of that back to Alibaba for $6.3B in cash and $800M in preferred stock. Yahoo said at the time that it would return “substantially all” of proceeds of the transaction, after taxes, to shareholders. Yahoo also increased its share buyback authorization by $5B. But Yahoo said today that Mayer is rethinking “our restructuring plan, our share repurchase program” and the Alibaba repayment promise.
By DAVID LIEBERMAN, Financial Editor | Thursday August 9, 2012 @ 6:17pm EDTTags: Marissa Mayer, Yahoo
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