Yahoo shareholders approve sale of core business to Verizon

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Yahoo Inc (YHOO.O) shareholders on Thursday authorized a company’s tentative sale of a core internet business to Verizon Communications Inc (VZ.N) for $4.48 billion, according to rough formula from a shareholder meeting.

Yahoo expects that a understanding will tighten on Jun 13, 2017.

The association also pronounced it extended a proposal offer to buy behind adult to $3 billion shares to Jun 16 from Jun 13.

The shutting of a deal, announced in July, had been behind as a companies assessed a fallout from dual information breaches that Yahoo disclosed final year.

After a Verizon deal, Yahoo will be renamed Altaba, a holding association whose primary resources will be a interest in Alibaba Group Holding Ltd (BABA.N) and a 35.5 percent interest in Yahoo Japan Corp (4689.T).

(Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)

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