Yahoo! Inc. Releases Statement Regarding Alipay
SUNNYVALE, Calif.–(BUSINESS WIRE)— Yahoo! Inc., issued the following statement in response to recent media reports regarding the timing of the restructuring of Alipay:
On March 31, 2011, Yahoo! and Softbank were notified by Alibaba Group of two transactions that occurred without the knowledge or approval of the Alibaba Group board of directors or shareholders. The first was the transfer of ownership of Alipay in August 2010. The second was the deconsolidation of Alipay effective in the first quarter of 2011. (more…)