NEW YORK--(BUSINESS WIRE)--
Altaba Inc. ("Altaba" or the "Company") (NASDAQ:AABA) announced today
the final results of its modified "Dutch auction" self tender offer to
purchase up to $3.0 billion of shares of its common stock, which expired
at 11:59 p.m., New York City time, on June 16, 2017.
Based on the final count by Computershare Trust Company, N.A., the
depositary for the tender offer, a total of 64,514,767 shares of the
Company's common stock were properly tendered and not properly withdrawn
at or below the final purchase price of $53.20 per share.
In accordance with the terms and conditions of the tender offer, the
Company accepted for payment, at a purchase price of $53.20, all of the
64,514,767 shares properly tendered at or below the purchase price and
not properly withdrawn before the expiration date, at an aggregate cost
of approximately $3.4 billion, excluding fees and expenses relating to
the tender offer. These shares represent approximately 6.7% of the
Company's issued and outstanding shares as of June 20, 2017. The shares
accepted for purchase include 56,390,977 shares for an aggregate
purchase price of up to $3.0 billion and an additional 8,123,790 shares
that the Company has elected to purchase pursuant to its right to
purchase up to an additional 2% of the Company's issued and outstanding
shares without extending the tender offer.
The Company determined the final purchase price of $53.20 by multiplying
the previously announced "Alibaba VWAP" of $137.1017 by 0.388, which was
the lowest multiple within the Company's specified range at which shares
were tendered or were deemed to have been tendered in the tender offer
that, when multiplied by the "Alibaba VWAP", would enable the Company to
purchase the maximum number of shares of the Company's common stock
properly tendered and not properly withdrawn having an aggregate
purchase price not exceeding $3,000,000,000. The Company has purchased
an additional 0.85% of the Company's issued and outstanding shares that
were tendered at the final purchase price, pursuant to its right to
accept for payment an additional 2% of the Company's issued and
outstanding shares without extending the tender offer.
The depositary will promptly pay for the shares accepted for purchase.
After giving effect to the purchase of the shares, the Company will have
outstanding approximately 894,803,145 shares of common stock.
J.P. Morgan Securities LLC served as dealer manager for the tender
offer, Innisfree M&A Incorporated is serving as information agent for
the tender offer and Computershare Trust Company, N.A. is serving as
depositary for the tender offer. For more information about the tender
offer, please contact Innisfree M&A Incorporated at (877) 750-9498.
About Altaba Inc.
Altaba Inc. (NASDAQ:AABA) is an independent, publicly traded,
non-diversified, closed-end management investment company registered
under the Investment Company Act of 1940. Altaba's mission is to fully
realize the funds' value for stockholders. The fund's assets
primarily—but not entirely—comprise two visionary investments made by
the Company's founders: the first a substantial investment in Alibaba
Group Holding Limited, which has become one of the world's largest
online retailers, and the second in Yahoo Japan Corporation, now a
leading Japanese internet company.
Prior to June 19, 2017, Altaba was known as "Yahoo! Inc." Altaba was
created after the sale of its operating businesses, at which time Yahoo!
Inc. reorganized as an investment company, was renamed Altaba Inc., and
began trading under the Nasdaq ticker symbol AABA.
Visit www.altaba.com for
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Alan Oshiki, 212-371-5999
Source: Altaba Inc.
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