Altaba announced in June that it had repurchased approximately 64.5 million common shares, or approximately 6.7% 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 J. McInerney, chief executive officer of Altaba.
The Company’s share repurchase program may use open market purchases and/or tender offers. The date and time of share repurchases will depend upon market conditions. All repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time. This new authorization supersedes the existing buyback program, which was authorized in March 2015 when the Company was known as Yahoo! Inc.
"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 J. McInerney, chief executive officer of Altaba.
The Company’s share repurchase program may use open market purchases and/or tender offers. The date and time of share repurchases will depend upon market conditions. All repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time. This new authorization supersedes the existing buyback program, which was authorized in March 2015 when the Company was known as Yahoo! Inc.