A privately owned internet e-commerce company Alibaba is intending to buy Yahoo, an American internet company famous in online advertising and advanced search. The CEO of Alibaba.com Jack Ma is very enthusiastic about this plan as he told he would be very interested in Yahoo. Ma was speaking with an audience at Stanford University.
Ma is interested in acquiring all of Yahoo in addition to its share in Alibaba.com. The proposed acquisition intention is expected to help Alibaba.com in expanding its business into one of the world’s most vital Internet markets. Shares of Yahoo jumped 5% to close at $13.80 in after-hours trading.
Alibaba Group has long-standing business relations with Yahoo continuously running since 2005 and company claims that it better understands Yahoo in US. The action from Alibaba to buy back some of Yahoo’s roughly 40% stake in his company were rejected by former Yahoo Chief Executive Carol Bartz, who left the company earlier this month.
Ma plans to stay in San Francisco Bay area for the coming year as he intends to study the about the country and the market. In the meantime he will also oversee his operational obligations as chairman and CEO of the Alibaba Group.
Since Bartz left Yahoo the board is now in search for a permanent CEO, but declared no details on its progress. On the other side Yahoo Inc is seeking inquiries from multiple parties about several options it may have. As the company is struggling for growth it is expected for it to take months to decide its future.
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