Altaba To Exit Yahoo Japan Stake

(RTTNews) - Altaba Inc. (AABA) Monday afternoon said it will sell all of its stake in Yahoo Japan at a price of 354 yen a share.

The company currently owns 1.36 billion shares of Yahoo Japan and after completion of the sale it won't have any shares of Yahoo Japan. Altaba expects the shares to be delivered on September 14.

At a price of 354 yen a share, Altaba could raise about $4.34 billion by selling its entire stake in Yahoo Japan. Altaba intends to use the proceeds from the offering to buyback shares of its own stock and for other general corporate purposes.

The company on Monday morning had announced its plans to sell shares, however, it did not reveal the price. In February, Altaba had revealed that it would start divesting its 35 percent stake in Yahoo Japan.

AABA closed Monday's trading at $63.80, down $1.02 or 1.57%, on the Nasdaq.