Yahoo scraps original Alibaba spinoff plan, shares rise

December 9, 2015 4:45 PM

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Yahoo is scrapping its original plan to spin off its prized stake in China's Alibaba Group and will instead explore breaking off the rest of its business into a new company.

The change of heart announced Wednesday comes after Yahoo's board met last week to review the proposed Alibaba spinoff, as well as CEO Marissa Mayer's stalled attempts to turn around one of the Internet's best-known companies.

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