Altaba Launches Share Repurchase Program

Altaba Inc. shares were barely higher Monday after the closed-end management investment firm said it authorized the repurchase of up to $5 billion of its common stock.

Altaba said in June that it had repurchased approximately 64.5 million common shares, or approximately 6.7% of the company’s issued and outstanding shares, for $3.4 billion in a modified Dutch auction self-tender offer. The repurchase authorization marks the next stage of the company’s program to return cash to its shareholders. “We have consistently stated that it is our intent to return substantially all of our cash to shareholders over time (of course retaining what we need to cover liabilities and operate the Fund) — and with this action, we state it again today, clearly.” said Thomas McInerney, CEO of Altaba.

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