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Article: Borders Group Announces Authorization of Share Repurchase Program
- Article from:
- PR Newswire
- Article date:
- November 26, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. 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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ANN ARBOR, Mich., Nov. 26 /PRNewswire/ -- Borders Group, Inc. (NYSE: BGP) today announced that its Board of Directors has authorized and its bank group has provided the necessary covenant relief to enable a $50 million share repurchase program. The purpose of the program, in part, is to offset future dilution from stock-based incentive plans. Neither specific price targets nor timeframes were established for making purchases under the program. Management indicated that it has no immediate plans to make purchases under the program.
Borders Group, Inc. is the world's second largest retailer of books, music, and other informational, educational, and ...