Yahoo to buy back 40 million shares from Third Point

(Reuters) - Yahoo Inc said on Monday that it had agreed to buy 40 million shares of its stock owned by Third Point LLC for $29.11 a share and that three directors nominated by Third Point have submitted their resignations. After the transaction, Third Point would own about 20 million shares, or less than 2 percent of the Internet company's common stock. Yahoo's shares closed at $29.11 on Friday. (Reporting by Sinead Carew)



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