NEW YORK   –   Yahoo Inc said yesterday it would buy back $3 billion of its common shares to provide liquidity to stockholders looking to sell shares ahead of the company’s pending deal with Verizon Communications Inc.

Shares in Yahoo, which has a 15 percent stake in Alibaba Group Holding Ltd, were up 2 percent at $50.81. Yahoo said it would pay between $50.79 and $44.74 per share based on its calculations, Alibaba’s share price and timing of the buyback. The Dutch auction tender offer will expire on June 13, the company said. Yahoo said its directors and executive officers will not tender any shares in the buyback offer.

Verizon agreed to buy Yahoo’s core internet properties last year for $4.83 billion in cash. It lowered the original offer by $350 million in February following two massive cyber attacks at the internet company.(Reuters)[+]