Yahoo announced that it has entered into an amendment to the share repurchase and preference sale agreement with Alibaba Group. The amendment reduces the maximum number of shares of Alibaba Group that Yahoo is required to sell in connection with a qualified initial public offering of Alibaba, from 261.5M shares to 208M shares. The original repurchase agreement, entered into in May 2012, provided that in the event Alibaba completed a qualified IPO, Yahoo would sell up to 261.5M of its 523.6M ordinary shares of Alibaba, either directly to Alibaba Group or in the qualified IPO. After an IPO, Yahoo has the right to sell its remaining shares at its discretion. "Yahoo has always believed in the long-term potential and value of Alibaba, and we are pleased to maintain a larger stake in the company’s future," said Jacqueline D. Reses, Chief Development Officer of Yahoo and Alibaba board member.