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RIM says authorized to repurchase $1.2 bn of shares
BlackBerry maker Research In Motion Ltd said its board authorized a share buyback of up to USD 1.2 billion.
The company would buy back about 21 million common shares, representing about 3.6% of the currently outstanding common shares on Nasdaq.
The share repurchase program may commence on November 9, the company said in a statement.
Shares of Research In Motion closed at C$61.39 Wednesday on the Toronto Stock Exchange. They closed at USD 57.61 on Nasdaq.
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