In what would be a significant business reversal, Web portal Yahoo (YHOO) will cancel the planned spinoff of its 15% stake in China e-commerce leader Alibaba Group (BABA) and instead examine spinning off its core Internet business, according to a report late Tuesday from CNBC. The move comes amid uncertainty over whether the spinoff of its stake would be tax-free, as Yahoo had intended. Earlier this year, the Internal Revenue Service said that it
Verizon (VZ) might consider purchasing struggling Web portal Yahoo (YHOO), a top Verizon executive said during a media conference in New York on Monday. While it isn’t clear what Yahoo’s board plans, Verizon would take a look if the company went up for sale, Verizon Chief Financial Officer Fran Shammo said at the UBS Global Media and Communications Conference on Monday, according to a Bloomberg report. “We look at everything across this spectrum,”
The market may be closed for the weekend, but market-moving news continues. The Yahoo (YHOO) board of directors, under investor pressure, could put core operations up for sale, or go ahead with CEO Marissa Mayer’s plan to spin off the company’s lucrative Alibaba (BABA) stake. Meanwhile, a slew of blood cancer drug data from Novartis (NVS), Bluebird Bio (BLUE), AbbVie (ABBV) and several others will be presented at the key ASH conference.