Wednesday, April 25, 2007
IBM announced it will borrow money and buy back about $15 billion of its shares, resulting in a 10% of its outstanding shares. According to its treasurer, IBM is "very underleveraged" for its size and cash flow. At its annual meeting 52% of the shareholders voted for a nonbinding "majority vote" resolution for directors. See WSJ, IBM to Spend $15 Billion In Expanded Stock Buyback.