Yandex considers issuing new share class as takeover defense

Oct. 31, 2018 11:41 AM ETYandex N.V. (YNDX)YNDXBy: Jason Aycock, SA News Editor
  • Yandex (YNDX +5.6%) is considering issuing a new class of shares that would hand 60% of voting control to a fund run by its CEO, Kommersant reports.
  • That would be a defense against a possible takeover.
  • The fund would be controlled by CEO Arkady Volozh and the rest of control shared by 10-12 Yandex execs with Russian citizenship; it would get new Class B-1 shares cementing the 60% voting control under the plan.
  • Those new shares would be provided voting rights only. Volozh currently holds about 48% voting rights and his Class B shares can't even be transferred to heirs.
  • Source: Bloomberg

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