Yahoo Stock Surges in Anticipation of Alibaba IPO
Yahoo is benefiting once again from its stake in the Chinese internet company Alibaba Group.
Investors latched onto Yahoo Monday in anticipation of a huge windfall from Alibaba’s initial public offering of stock later this year. Yahoo’s stock gained $1.51, or 4 percent, to close at $39.11.
Alibaba ignited the excitement about its forthcoming IPO by announcing plans to list its stock on a U.S. exchange.
Yahoo Inc. is expected to sell about half its 24 percent stake in Alibaba, as part of an IPO that analysts believe could raise $15 billion. That means Yahoo is likely to collect several billion dollars from AIibaba’s IPO. That money could then be used to pay a special dividend to shareholders or buy back more of its stock.
This article appeared in print in edition of Hamodia.
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