Altaba to Liquidate Its Holdings; Lowering FVE to $88 per Share
Altaba announced today that it plans to liquidate its holdings and close down the fund. While it is not yet clear how Altaba will distribute its net assets to the shareholders, based on a 50/50 assumption of a cash or shares of Alibaba (the firm's main holding) distribution, we reduced our valuation of Altaba to $88 per share from $98.Neither we nor management is certain yet how such liquidation will take place. Based on the latest Alibaba market price, Altaba management believes that net asset...
Altaba is a publicly traded, non-diversified, closed-end management investment company. The company's investment objective is to seek to increase the price per share at which it trades relative to then-existing values of its principal underlying assets (the Alibaba Group Holding Limited (Alibaba) ordinary shares and American Depositary Shares and Yahoo Japan Corporation (Yahoo Japan) shares of common stock). In addition to the Alibaba shares and Yahoo Japan shares, the company also owns investments in certain additional companies Excalibur IP, LLC, which owns a portfolio of patent assets and short-term investments.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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