GameStop Authorizes Stock Repurchase and Debt Retirement

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GameStopRetailer GameStop's Board of Directors has authorized a $500 program to prop up the company's stock price. $300 million will be used for a share repurchase plan, with $200 million going to retire the company's Senior Notes. GameStop emphasized that the measures were to "increase shareholder returns." Generally, companies authorize stock buybacks when the company feels the stock is undervalued. Similarly, companies might have many reasons for retiring debt, including meeting certain financial covenants or just not having a better investment into which they can put cash.

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This page contains a single entry by Editor published on September 15, 2010 2:19 PM.

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