The Wall Street Journal is reporting that Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE: BABA) is unlikely to be interested in buying Yahoo Inc's (NASDAQ: YHOO) core business.
Yahoo's board is spending a three-day meeting that started on Wednesday weighing a sale of the company's Internet business, Reuters reported on Tuesday.
Board members are also expected to discuss the details of the planned spinoff of Yahoo's 15% stake in Alibaba, worth more than $30 billion U.S.
Alibaba will be interested in repurchasing its shares from Yahoo only at a steep discount, the WSJ said on Thursday, citing a person familiar with the matter.
Alibaba shares opened Thursday in New York at $84.66 U.S., down 34 cents from Wednesday's close, and within a 52-week trading range of $57.20 U.S. to $111.68 U.S., while Yahoo shares were priced at $35.29 U.S., down 36 cents, or 1%, from Wednesday's close, within a 52-week trading range of $27.20 U.S. to $51.68 U.S.
