Altaba Inc. (AABA), the remnant of Yahoo after the core internet assets were sold to Verizon Communications Inc. (VZ), announced the final results of its modified Dutch auction to purchase up to $3 billion of shares with the company spending $3.4 billion.

The company said Thursday a total of 64,514,767 shares of its stock were tendered at or below the final purchase price of $53.20 a share. Altaba said it accepted the purchase price and spent about $3.4 billion to buy back the shares. The $3.4 billion excludes fees and expenses related to the tender offer and represents around 6.7% of the shares outstanding as of June 20. (See also: Revised Deal: Verizon to Pay $350M Less for Yahoo.)

In May, Yahoo announced the Dutch auction, saying then the price would not be less than $37 a share and that its directors and executive officers will not tender any shares in the buyback. The company started trading this week under the name Altaba, which is a play on the world "alternative" and Alibaba (BABA), in which it has a 15% stake, valued at around $341 billion. Recently, shares of Altaba were trading up 0.53%, or $0.28 to $55.34.

The Cheaper Alibaba Play

The stock has been gaining all week as investors view it as a cheaper way to get a piece of Alibaba Group, the Chinese ecommerce giant. While the former Yahoo basically looks like a holding company for a stake in the Chinese retailer, Yahoo warned in a regulatory filing last year that Alibaba could get hit with a massive tax bill of as much as 36.5% if it tried to buy back the shares.

Investors also get access to a stake in Yahoo Japan valued at $7.7 billion by owning shares of Altaba. The company also has $12 billion in cash and marketable debts, $130 million in minority investments including in Snap Inc. (SNAP) and a $740 million stake in Excalibur, which is a unit of the new company that holds patents of Yahoo that were not sold to Verizon. Leading the new company is Yahoo board member Thomas McInerney, formerly the chief financial officer for IAC/InterActiveCorp. (which owns Investopedia), who has been on the board since 2012 and sat on the independent board committee charged with selling Yahoo’s core internet assets. McInerney will get base salary of $2 million annually and incentive pay based on performance goals.


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