wow, now that's a take-the-money-and-run attitude. i wonder where they found the buyers ...
Yahoo Pares Google Stake, Sells $191M
Friday August 27, 4:37 pm ET
Yahoo Inc. Pares Google Stake, Sells $191 Million in Search Engine Stock
NEW YORK (AP) -- Yahoo Inc. sold $191 million in Google Inc. stock this week, cashing out some of the 2.7 million shares Google gave Yahoo this month to settle two lawsuits.
Yahoo disposed of the 2.3 million shares on Tuesday at a price well below where Google's stock traded during the day, suggesting Yahoo unloaded the shares after the close of regular trading and did so without much regard to price.
Yahoo Friday reported selling the Class A shares at $82.62 apiece, even though Google traded between $103.57 to $111.60 on Tuesday. At that range, the Google shares were worth $240 million to $259 million.
Yahoo spokesman Ruben Osorio wasn't willing to immediately comment on the stock sale. Google spokesman David Krane declined to comment.
In exchange for giving Yahoo 2.7 million shares on August 9, Google got a perpetual license to Yahoo's patent on matching online advertisements to Web-search results. Yahoo, of Sunnyvale, Calif., also agreed to drop another lawsuit over warrants to purchase shares that Google granted it under a partnership signed in 2000.
Google shares began trading on August 19, following its initial public offering.
The stock of the Mountain View, Calif.-based Internet search engine finished at $106.15 Friday, down $1.76, or 1.6 percent, on the Nasdaq Stock Market.
Yahoo also converted 1.1 million Class B common shares into a like amount of Class A stock on Tuesday, leaving Yahoo with 1.48 million Class A shares. Yahoo holds Class B stock, which has greater voting power, because it was an early investor in Google.
Yahoo disclosed the information in a filing Friday with the Securities and Exchange Commission. Initially, Yahoo incorrectly reported that Michael J. Callahan, its general counsel, sold 2.3 million Yahoo shares. It later corrected the filing.
