Some additional reasons: Yahoo's different parts cannot be traded and thus have no liquidity. There's a huge liquidity discount associated with that. If Yahoo

Some additional reasons: Yahoo's different parts cannot be traded and thus have no liquidity. There's a huge liquidity discount associated with that. If Yahoo were to sell the pieces of Y!Japan, Alibaba, etc. on the open market, it would have to do it a structured and delayed process or else it would flood the market, dropping the respective stocks. More discount.