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Article posted: 7/22/2013 1:47 PM

Yahoo to buy 40M shares from Loeb, he exits board

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Yahoo, its stock price having undergone a healthy recovery, is buying back 40 million shares of its common stock.

ASSOCIATED PRESS

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Activist investor Dan Loeb and two other directors nominated by his hedge fund are leaving Yahoo's board after big gains in the Internet company's stock price over the past year. Yahoo is also buying back 40 million shares of its common stock from Third Point LLC, Loeb's hedge fund.
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