Yahoo Inc. is weighing a sale of its core Internet business and will not sell its stake in Chinese e-commerce firm Alibaba Group Holding Ltd., CNBC reported, with an announcement coming as soon Wednesday.
Activist investor Starboard Value LP asked Yahoo Inc to drop plans to spin off its stake in Alibaba Group Holdings Ltd due to tax concerns, and instead urged the company to sell its core search and display advertising businesses.
Internet giant Yahoo! Inc. announced yesterday that the IRS will not grant the private letter ruling the company requested in regards to the proposed tax-free spin-off of its remaining stake in Alibaba Group Holding Ltd.
Hundsun Technologies Inc, the financial information technology company controlled by Alibaba Group Holding Ltd founder Jack Ma, on Monday rejected local media criticism that blamed its platform for China's stock market rout.