(Corrects to remove reference to price range)
May 16 (Reuters) - Yahoo Inc said on Tuesday it would buy back $3 billion of its common shares, ahead of the company's pending deal with Verizon Communications Inc.
Shares in Yahoo, which has a 15 percent stake in Chinese e-commerce company Alibaba Group Holding Ltd, were up 0.6 percent at $50.15 in premarket trading.
Verizon agreed to buy Yahoo's core internet properties last year for $4.83 billion in cash. It lowered the original offer by $350 million in February following two massive cyber attacks at the internet company.
After the Verizon deal, Yahoo will be renamed Altaba, a holding company whose primary assets will be its stake in Alibaba and a 35.5 percent stake in Yahoo Japan. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Maju Samuel)