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Reasons For Google's Buyback
According to a report that appeared in the Associated Press, search engine Google is preparing to buyback 23.4 million shares and options that the company may have inappropriately issued. In a filing done through the SEC, Google states that the buyback window for current and previous employees will close on December 30th.
Google has also stated that 5.22 million common shares, in the form of non-exercised options, would also be eligible for buyback. In a report that appeared in The Kansas City Star, it was revealed that Google would purchase these shares "from 30 cents to $80 a share." The buyback prices will be equal to the amount that was paid, plus interest.
The buyback plan servers as a remedy for the federal investigation into Google's granting of stock options and shares to employees before their IPO. Currently, Google's NASDAQ is at $181.74 a share.
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About the Author:
Chris Richardson is a search engine writer and editor for WebProNews. Visit WebProNews for the latest search news.
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Chris Richardson
