said Tuesday it is tendering for up to 41.7 million shares.
The buyback amounts to about 8.4% of the company's outstanding shares.
Under the modified Dutch auction self-tender, the company will repurchase up to $1.5 billion of its common stock at a price between $32.50 and $36 a share. International Paper said it would begin the buyback on Aug. 16, and repurchase a significant amount of shares by Sept. 13.
The company said it might purchase up to an additional 2% of its outstanding shares or about 9.9 million shares without extending the offer.
On July 13, International Paper's board authorized a share repurchase program to acquire up to $3 billion of the company's stock through the end of 2007 as part of the company's transformation plan.
Shares rose 63 cents to $34.89.
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