By Colin Kellaher

Shares of Altaba Inc. (AABA) fell more than 70% on Tuesday after the company that holds the unsold remnants of Yahoo Inc. completed the first distribution under its plans to dissolve.

Altaba on Monday paid the pre-dissolution liquidating distribution of $51.50 a share that its board declared earlier this month.

Shares of Altaba, which closed Monday at $70.80, were recently down 72.4% to $19.52.

The company in April estimated it could make total liquidating distributions of $76.62 to $79.22 a share.

Altaba said it plans to file a certificate of dissolution with the state of Delaware after the close of trading on Oct. 4, adding that it expects trading in its shares on the Nasdaq Global Select Market will be indefinitely suspended prior to the opening of trading on Oct. 7.

Yahoo in 2017 sold its internet business to Verizon Communications Inc. (VZ) for $4.5 billion and reorganized as Altaba, a closed-end fund whose chief asset was a 15% stake in Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA) worth more than $50 billion.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 24, 2019 10:09 ET (14:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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