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Yahoo Dumps Google
By WebProNews
Staff Writer
Article Date: 2004-08-30
Yahoo reported on Friday that on Tuesday of last week it unloaded 2.3 million shares of it's Google Inc. stock.
Yahoo dumped its Class A shares at $82.62 apiece and converted roughly another 1 million Class B common shares into Class A stock. The sell price was between $240 million to $259 million.
Yahoo had been awarded 2.7 million as part of the settlement of a pair of lawsuits. According to the AP, in exchange for the 2.7 million shares Google received a perpetual license to Yahoo's patent on matching online advertisements to search results. Yahoo also agreed to drop another lawsuit over warrants to purchase shares that Google granted it under a partnership signed in 2000.
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