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HTC plans $1.8bn share buyback
10 February 2010
Smartphone maker HTC is to buy back 15 million shares at a cost of around $1.8 billion
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HTC
Taiwan
Android
Windows Mobile
Taiwanese smartphone maker HTC has secured the approval of its board to buy back 15 million shares. The share buyback, on which the company could spend up to $1.8 billion, will be done to keep shareholders’ equity holdings and to maintain the company’s reputation, HTC said.
The maker of Android and Windows Mobile smartphones can redeem the shares in the open market until April 9 2010. The size of the share buyback account will be equal to 1.9% of the company’s outstanding shares.
The buyback plan could cost the company a maximum of $1.8 billion, as it is seeking to acquire the shares at between $8.70 and $15.60 each. The company could purchase additional shares if required, because the board has authorized the management to spend about $233 million for a further share buyback, if needed. GTB