Microsoft Ups Stock Buyback by $16B
Microsoft is expanding the stock repurchase program it first announced July, pledging to spend an additional $16.2 billion buying back the company's shares through June 30, 2011. The total planned expenditure now tops $36 billion.
The Redmond company's first tender offer closed Thursday, and included 155 million shares of common stock totaling $3.6 billion. This number amounts to 1.5 percent of total outstanding Microsoft stock. By utilizing its massive cash reserves to repurchase shares, Microsoft is hoping to revitalize its stagnating stock price and appease investors.