Tue, Jul 15, 2014 5:41 PM EDT 1:05
Yahoo! will not be selling as much of its stake in Alibaba as previously required. The internet giant announced Tuesday that it had requested, and Alibaba had agreed to, an amendment to the share repurchase agreement. That change would reduce the number of shares Yahoo! would need to sell in Alibaba’s IPO to 140 million from a previous 208 million shares. Chinese internet retailer Alibaba is expected to list on U.S. markets later this summer in what is anticipated to be one of the most in-demand IPOs of 2014. Alibaba, of which Yahoo! has a current 24% stake, values itself at around $130 billion. TheStreet's Keris Lahiff reports from New York.