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
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.
Yahoo (YHOO) should forget about the financially risky spinoff of its ownership stake in China e-commerce giant Alibaba Group Holding (BABA) and sell its core business to cable giant Comcast (CMCSA) instead, according to an industry report on Friday from Mizuho Securities. “It remains unclear if the Internal Revenue Service will tax the spin-out of Aabaco” (the Alibaba stake), wrote Mizuho analyst Neil Doshi. “But in our view, a taxed transaction