Alibaba’s majority shareholder has announced the liquidation of about $40 billion of the company’s shares to be sold

After most of the assets of yahoo, an American Internet portal, were acquired by Verizon, a telecoms firm, the rest of alibaba and other assets were formed into a listed company called Altata (also known to the media as “ali dad”). According to the latest news from foreign media, the company has announced that the company will be liquidated and dissolved, and all its shares in alibaba will be transferred to foreign investors.

According to foreign media reports, after the transfer of the portal and other physical assets, Altaba company’s main assets are the former yahoo inc’s stake in China’s alibaba group and yahoo Japan inc.

Altaba is understood to have announced on Tuesday that its board of directors has approved the liquidation and dissolution process under the full liquidation and dissolution plan, but it still needs to be approved by the company’s shareholders.

The company intends to file a proxy for a special meeting of shareholders with the securities and exchange commission to seek shareholder approval for liquidation and dissolution under the plan.

As the company disclosed in its public filings with the securities and exchange commission, its investment goal during the life of the company is to increase its trading price per share relative to the company’s net asset value at the time. To do this, the company seeks to reduce the trading discount of the company’s common stock ($0.001 per share) from its net asset base value, while simplifying its net asset base and returning capital to shareholders in a way that adds value and increases shareholder value.

The company has adopted a series of strategy to achieve its investment objectives, including on the open market to buy back shares, as well as through trading alibaba group holdings co., LTD., the securities depository receipts and cash in stocks, through asset disposal (not including its status in alibaba) and solve some actual liabilities and contingent liabilities, as well as through other means, to simplify the company business.

In serious consideration for the company to achieve its investment objectives and other strategic shareholder of the company may take the risk, timing, feasibility and potential impact, and management advice, after the board after consultation with the consultant agree that, according to plans to carry out the liquidation and dissolution is desirable in the best interests of the company and its shareholders.

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