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Motorola To Perform First Ever Stock Buyback
The company will repurchase up to $4 billion USD in stock, about 10% of the company's total market capitalization, over the next 36 months.
Based on April figures, Motorola has 2.45 billion shares of common stock outstanding, and a current valuation of those shares of $41.4 billion USD. The board of directors authorized the buyback program on May 18th.
The global communications company will buyback shares either through the open market, or in private transactions conducted in accordance with federal regulations.
"Motorola is committed to investing for growth and creating value for our stockholders," said Ed Zander, chairman and CEO. "We are pleased to initiate the first stock repurchase program in Motorola's history."
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David Utter
