Japanese Internet investor Softbank said it has sold over 11 million shares of
for about $171 million to an undisclosed buyer.
The beleaguered Japanese investment firm has moved quickly to jettison unprofitable holdings and unwind certain profitable ones in an effort to remain afloat. Analysts have recently become concerned about Softbank's financial health, and it is expected to sell even more shares of Yahoo in the near future.
Even after the sale, Softbank remains the Internet portal's largest shareholder, with about 14.3% of the company, down from its 1996 high of 37%. After this sale, Yahoo will no longer appear on the company's consolidated balance sheet.
Shares of Yahoo were recently trading down 0.72% to $15.30 on the news after closing at $15.41 Monday on the