US telecoms and cableco Verizon Communications announced yesterday that its board had authorised a repurchase of up to 100 million shares of its common stock.
Verizon’s shares closed at US$36.38 yesterday. At that price, the share buyback would cost over…
US telecoms and cableco Verizon Communications announced yesterday that its board had authorised a repurchase of up to 100 million shares of its common stock.
Verizon’s shares closed at US$36.38 yesterday. At that price, the share buyback would cost over US$3.6bn.
The company also announced that its board had decided that no more shares would be acquired under an earlier plan to repurchase 100 million shares.
The authorisation for repurchasing shares announced yesterday will terminate when either of two conditions occur: when either the total number of 100 million shares are repurchased, or at the close of business on 28 February 2014.
It said that approximately 2.8 billion shares of common stock are outstanding.
The announcement came on the same day that Verizon Wireless, the JV between Verizon and Vodafone, started offering the iPhone4 to its customers on a pre-order basis.
The iPhone will become available on the Verizon Wireless network from 10 February onwards.
Previously, the iPhone has only been available in the US through AT&T.
A Verizon spokesman said that this stock repurchase has no impact on Verizon Wireless, the JV between Vodafone and Verizon.
