Altaba Board Approves Share Buyback Of Up To $5 Bln - Quick Facts

(RTTNews) - Altaba Inc. (AABA), formerly known as Yahoo! Inc., said that its board of directors has authorized the repurchase of up to $5 billion of its common stock.

In June, Altaba said it repurchased approximately 64.5 million common shares, or approximately 6.7 percent of the company's issued and outstanding shares, for $3.4 billion in a modified "Dutch auction" self-tender offer. The authorization being announced today marks the next stage of the company's program to return cash to its shareholders.

"We have consistently stated that it is our intent to return substantially all of our cash to shareholders over time (of course retaining what we need to cover liabilities and operate the Fund) - and with this action, we state it again today, clearly." said Thomas McInerney, chief executive officer of Altaba.

Altaba's share repurchase program may use open market purchases and/or tender offers.

Altaba also said it has filed a Form 8-K with its unaudited opening balance sheet for its first day of operating as a registered investment company, June 16, 2017. On June 13, 2017, Altaba completed the sale of its operating business to Verizon Communications Inc.