Nobody wants to sell their ‘Zombie Yahoo’ stock back to Altaba

Nearly a month after Altaba Inc. launched a plan to buy back its shares in exchange for Alibaba stock, hardly any investors have jumped at the chance to unload their stakes in the remnants of Yahoo.

Altaba AABA, +0.27%announced on June 7 that it would offer to buy back nearly a quarter of its outstanding shares for a slight premium to where the underlying assets were trading, with the deal expiring on July 11. Monday afternoon, though, the company extended that deadline to Aug. 8, and said that so far only 156,676 shares had been tendered — less than 1% of the target of 195 million shares.

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