(Corrects to remove reference to price range)
May 16 Yahoo Inc said on Tuesday it
would buy back $3 billion of its common shares, ahead of the
company's pending deal with Verizon Communications Inc.
Shares in Yahoo, which has a 15 percent stake in Chinese
e-commerce company Alibaba Group Holding Ltd, were up
0.6 percent at $50.15 in premarket trading.
Verizon agreed to buy Yahoo's core internet properties last
year for $4.83 billion in cash. It lowered the original offer by
$350 million in February following two massive cyber attacks at
the internet company.
After the Verizon deal, Yahoo will be renamed Altaba, a
holding company whose primary assets will be its stake in
Alibaba and a 35.5 percent stake in Yahoo Japan.
(Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju