The board of Staples Inc. has permitted the firm to buy back stock worth up to $1.5 billion. The stock repurchase program replaces a 2007 program that had $295 million remaining as of the end of July.
The shares will be repurchased in both open market and privately negotiated transactions. Staples, which recently had a market capitalization of nearly $10 billion, also authorized its quarterly dividend of 10 cents a share.
Click here for the release from Business Wire.