The Daily Dose

Yahoo announced on Wednesday that it has scrapped plans to spin off its $31 billion stake in Chinese internet giant Alibaba. The company will instead transfer its core business, as well as its stake in Yahoo Japan, to a new company. That means there will be two separate companies; shareholders will receive stock of the new spinoff firm. In a press release, the chairman of Yahoo’s board of directors Maynard Webb said the company was “concerned about the market’s perception of tax risk, which would have impaired the value of Aabaco (the planned spinoff company that would hold Yahoo’s Alibaba…

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