Yahoo! to Repurchase $3 Billion of Stock
Yahoo!'s board approves the buyback program for the next three years,according to an SEC filing.
Yahoo!'s board approves the buyback program for the next three years,according to an SEC filing.
Yahoo! (YHOO) has authorized a $3 billion stock-buyback program over the next three years, the Internet company stated in an 8-K filing Wednesday with the Securities and Exchange Commission.
"The repurchases may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan," according to the filing on EdgarPro.com. The plan was approved by the board of directors on June 24.
Shares of Yahoo!, which closed down 20 cents to $13.84 in regular trading Wednesday, were up 17 cents to $13.90 after hours.
This article was written by a staff member of TheStreet.com.
