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Yahoo Japan sought merger with Yahoo before Verizon deal
Yahoo Japan Corp. proposed a “merger of equals” with Yahoo Inc. — but was rebuffed — during a process lasting several months that eventually led to Verizon Communications Inc. acquiring the U.S. internet company’s core assets for more than $4.8 billion, according to a regulatory filing detailing the sales effort.
The board of Yahoo Japan in February sent a letter to Yahoo Chairman Maynard Webb and Chief Executive Officer Marissa Mayer about a deal that would hand the company’s shareholders 50 percent of the combined entity — and about $14 billion in cash, according to the filing made Friday. It also contemplated a commitment from Alibaba Group Holding Ltd. to purchase about half of Yahoo’s stake in the Chinese e-commerce company. The deal was rejected because it offered no premium and would have triggered a full tax hit for the shares of Alibaba.