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Yahoo extends $3B self-tender offer

Yahoo! Inc. extended its modified "Dutch auction" cash self-tender offer for up to $3 billion of shares of its common stock.

The tender offer, which was previously set to expire June 13, will now expire June 16 at 11:59 p.m. ET, unless further extended or withdrawn by the company. As of the close of business on June 7, about 20,233 Yahoo shares had been tendered and not withdrawn.

Unless Yahoo further extends the tender offer, the "Alibaba VWAP" will be the daily volume-weighted average price for an American Depositary share of Alibaba Group Holding Ltd. on the New York Stock Exchange on June 14, the second trading day before the revised expiration date, provided that the Alibaba VWAP will never be less than $100.00 for the purpose of calculating the purchase price to be paid in the tender offer.

The tender offer is subject to certain conditions, including that Yahoo's shares shall have been removed from the Standard and Poor's 500 Composite Index. S&P Dow Jones Indices disclosed May 24 that it will remove Yahoo from the S&P 500 effective at the open on June 19. The tender offer has been extended to align the timing of its expiration with the last trading day before the stated removal.

Following the planned sale of Yahoo's operating assets to Verizon Communications Inc., Yahoo will change its name to Altaba Inc. and register as an investment company. Yahoo expects the sale to close on June 13 and plans to change its name and register as an investment company before the close of business on June 16.

J.P. Morgan Securities LLC is the dealer manager for the tender offer, while Innisfree M&A Inc. is serving as information agent and Computershare Trust Co. NA as depositary.