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YY confirms withdrawal of buyout offer, launches $200M buyback; shares rise

Jun. 15, 2016 10:48 AM ETJOYY Inc. (YY) StockBy: Eric Jhonsa, SA News Editor5 Comments
  • A month after the WSJ said an investor group featuring chairman Jun Lei and CEO David Xi had shelved plans for a $2.5B buyout offer (first made in July 2015), YY (NASDAQ:YY +4%) confirms the offer has been withdrawn. The investor group cites "unfavorable market conditions."
  • The Chinese gaming/online media firm also says its board has authorized a $200M, 12-month, buyback program covering shares and convertible notes due 2019. It's good for repurchasing 9% of shares at current levels.

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