Starbucks' board authorises further common stock buy back of up to 25m
Nov 16, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Roaster and retailer of coffee, Starbucks Corporation's SBUX board of directors approved the buy back of up to 25m shares of the company's common stock, it stated on Thursday.
The company said that this is in addition to the 12.1m available shares for repurchase at fiscal year-end 2012, under an existing authorisation of September of 2001, adding that a total of 184m shares at USD5.1bn have been bought back under authorised programmes until 30 September 2012.
Also, the time and amount of shares to be bought back, in the open market, will be decided by the company based on factors, such as, price and market conditions, additionally, the board approved purchases to be made under Rule 10b5-1 of the US Securities Exchange Act of 1934 that allows the company to buy its shares when it would normally not be active in the market due to its own internal trading blackout periods.
Comments on this story may be sent to email@example.com
(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com