Verizon Communications will buyback up to 100 million shares of its common stock. Verizon will discontinue its previous 100 million share repurchase program maturing on Feb. 28, 2011, in which 60 million shares are yet to be bought back.
The authorization will expire on Feb. 28, 2014, or when Verizon reaches 100 million shares. The buyback program is expected to raise about $3.62 billion, at Feb. 2, 2011 closing price, adds Financial Times.
Click here for the release from PR Newswire.
Click here for the additional coverage from Financial Times.