Qualcomm Inc., on the day it ended its bid to acquire Dutch company NXP Semiconductors NV for $44 billion, told shareholders it would buy back up to $30 billion of its stock.
On July 31 the company (Nasdaq: QCOM) said it would start the process by buying back up to $10 billion by Aug. 27.
Qualcomm said it would pay shareholders $60 to $67.50 per share. The company's stock closed at $62.04 per share July 30.
CEO Steven Mollenkopf has said the majority of the repurchase will be completed by the end of Qualcomm's fiscal year 2019.
Companies use excess cash to buy back shares when their executives believe the stock is undervalued.
Georgeson LLC is the information agent for the Qualcomm offer; Goldman Sachs & Co. LLC, the deal manager.
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