Why Yahoo Japan (YAHOY) Stock Is Higher This Morning

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.

Must Read: Warren Buffett's 25 Favorite Growth Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. 

YAHOY Chart

YAHOY data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you liked this article you might like

Asia's Buffett 'Gets' Tech as He Transforms Softbank

Citi Lays Out Reasons To Buy Yahoo Shares Now As Bidding For Core Continues

Which of These Companies Will Buy Yahoo!?

How Will Yahoo! (YHOO) Stock Respond to This Analyst Upgrade?