NEW YORK (TheStreet) -- Shares of Yahoo Japan Corp. (YAHOY) are up 4.92% to $8.74 after it was reported that the Internet firm dropped its plan to buy mobile network operator eAccess Ltd. from SoftBank Corp. (SFTBF) in a $3.2 billion deal that was part of a reorganization of SoftBank group assets, according to Reuters.
Yahoo Japan, the country's biggest Internet portal and 42.6% owned by SoftBank, will proceed with a planned low-cost mobile Internet service using the eAccess mobile network, SoftBank and Yahoo Japan said today.
EAccess will also go ahead with a scheduled June 1 merger with wireless provider Willcom Inc, another SoftBank unit.
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