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Yahoo Buys Back Third Point Shares as Loeb Exits Board

Yahoo! Inc. director and activist investor Daniel Loeb is leaving the board and selling $1.16 billion of his stake back to the company, capping an almost two-year effort to revamp the Web portal.

Yahoo will repurchase 40 million shares at $29.11 apiece from Loeb’s Third Point LLC, leaving him with about 20 million shares, or less than a 2 percent stake, the Sunnyvale, California-based company said today in a statement. Loeb’s allies on the board, Harry Wilson and Michael Wolf, are also stepping down, leaving Yahoo with seven directors.