Third Point Sells 11 Million Yahoo Shares to Maintain Stake

By Kristin Jones

Yahoo Inc.'s ( YHOO ) biggest shareholder has sold 11 million shares, as it seeks to maintain a consistent percentage holding in the Internet firm amid Yahoo's aggressive stock buyback program.

Daniel Loeb's Third Point LLC said its affiliates now own 62 million Yahoo shares, as a result of the sale. Third Point funds have held most of these shares since the third quarter of 2011.

Yahoo recently said that it repurchased about $1.45 billion of its stock in the fourth quarter--more than the previous 12 months combined.

Shares were off a penny to $19.75 in after-hours trading. Through the close, the stock was up 24% in the past six months.

Write to Kristin Jones at kristin.jones@dowjones.com

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