Altaba, the New Closed-End Management Company, Began Trading Today; Maintaining $55 FVE
Yahoo has officially changed its name to Altaba and began trading on June 19 under the ticker AABA. As we discussed in our June 14 note, Altaba is now a closed-end management company with ownership of shares of Yahoo Japan and Alibaba. The company recently announced that its self-tender offer of repurchasing $3 billion of its shares is likely to be based on a price of $53.20 per share, which is slightly lower than our $55 fair value estimate. Altaba’s post-repurchase lower share count will be of...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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