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Yahoo shares rise on decision to proceed with Alibaba stake spinoff

(Reuters) - Yahoo Inc shares rose on Tuesday after the company said it would go ahead with the planned spinoff of its stake in Alibaba Group Holding Ltd despite the risk that the deal might not be tax free.

Shares of Yahoo, which said this month that the U.S. Internal Revenue Service (IRS) had denied its request for a private letter ruling on a possible tax-free deal, rose 3.6 percent to $28.60 in light premarket trading.

"We believe the likelihood of a positive tax outcome for the company could be more likely now," Mizuho Securities...