Altaba Announces Offering of Shares of Yahoo Japan Corporation

NEW YORK--(BUSINESS WIRE)--Altaba Inc. ("Altaba" or the "Fund") (NASDAQ: AABA) today announced that it has entered into an agreement with certain managers (the "Managers") regarding the proposed sale of an undetermined number of shares (the "Shares") of Yahoo Japan Corporation ("Yahoo Japan") common stock that it currently holds in connection with a proposed offering of the Shares (the "Offering"). Altaba currently holds 1,363,531,700 shares of Yahoo Japan common stock. The number of Shares to be sold, the sale price and the other terms of the Offering are expected to be determined at or prior to 8:00 A.M. on September 11, 2018 (Japan time) in light of investor demand, market conditions and other factors. The Shares are expected to be delivered on September 14, 2018. The Offering will be made to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States and Japan in accordance with Regulation S under the Securities Act. In connection with the Offering, Altaba has agreed with the Managers not to sell the common stock of Yahoo Japan during the period ending 120 days after the execution date of the agreement without the prior written consent of the Managers.