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Article: HP Announces $1.3 Billion Accelerated Share Repurchase; HP Board of Directors Authorizes Additional $3 Billion for Share Repurchases.
- Article from:
- Business Wire
- Article date:
- September 20, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PALO ALTO, Calif. -- HP (NYSE:HPQ) (Nasdaq:HPQ) today announced that it repurchased approximately $1.3 billion of its outstanding common stock in an accelerated share repurchase agreement. Along with additional repurchases during the quarter, HP expects repurchases for the fourth quarter of fiscal year 2004 to total approximately $2.1 billion, or 4.0 percent of total shares outstanding. The share repurchases during the quarter are expected to utilize the remainder of the share repurchase authorization approved by HP's board of directors in May 2004.
The shares were purchased from Merrill Lynch under an accelerated share repurchase agreement. The accelerated share ...