YAHOO! has set the stage to buy back $US3 billion ($3.6 billion) worth of its stock in the coming three years, according to a filing with US securities regulators.
The plan was approved by the Yahoo! board of directors on June 24 and authorises the pioneering internet firm to repurchase as much as $US3 billion in common stock during the next three years.
"The repurchases may take place in the open market or in privately negotiated transactions," the Sunnyvale, California-based company said in a filing with the Securities and Exchange Commission.
The repurchase program was devised during an annual meeting of stockholders at which all members of the firm's board of directors were re-elected.
Chief executive Carol Bartz and her predecessor Jerry Yang, a Yahoo! co-founder, each got more than a million votes in support of their positions on the board, according to the filing.
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