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Jeff Smith, whose activist fund Starboard Value urged Yahoo! Inc. to spin off its stake in Alibaba Group Holding Ltd., sees Yahoo’s recent stock drop as a buying opportunity because the price reflects a fully taxed separation.
“Our view is that it pretty much reflects the worst-case scenario in terms of full taxation,” Smith said Tuesday at Bloomberg Markets Most Influential Summit in New York, in an interview with Erik Schatzker. “We think it’s a terrific opportunity right now.”
Yahoo announced in January it planned to spin off its Alibaba stake in a tax-efficient way, after Starboard’s activist campaign at the web portal. Tax authorities haven’t given assurances since then that the transaction would be tax-free.
Also keep in mind that once the spinoff is executed, it will be plagued with the typical closed-end fund discount, as well as an added layer of expensive managerial FAT on top of the BABA , and finally the tax uncertainty will remain with the investment for years to come. Enjoy!!!
Once the record date and the shares count is announced, I think we will spike up then slowly markets will start to price in the market valuation of Aabaco to YHOO shares until they get separated.
Good or bad jobs report they would sell off and they are doing it...They have the numbers folks so they can do pretty much what they want, not a big shocker...As far as the jobs number, not a surprise at all, the economy continues weak, what do you expect with such a horrendous administration....Another day and another uphill battle....More later.
Your question is the most glaring question surrounding MM's lackluster uninspiring 3 plus years as the CEO of Yahoo. Alibaba comprises the vast majority of Yahoo's value. Why on earth is MM not dedicated to making Yahoo assets a means for Alibaba to grow and prosper? Horrible
I understand it's supposed to be completed in this quarter, but are we looking at November, December? Given that YHOO is only including a small business in the spinoff, I have to imagine it will be processed faster than the average spinoff, but that's just speculation of course.
Don't know about the $100 - but they are certainly wasting this asset. They should sell its content by subscription and stop hoping that people will click on the useless ads - at least those that aren't already blocked by an adblocker.