On January 27th this year an announcement that Yahoo would be spinning off their Alibaba shares into a new company called ‘Spinco’ sent their stock price soaring almost 8% in after hours trading.

Today, it’s grim news for investors.

Yahoo disclosed in a filing that it has dropped its request to spin off the shares on September 2nd, when the IRS had decided to not grant them approval for the tax free spin off. 

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com