Intel rolls out $10B stock buyback, CEO says stock is cheap
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Intel Corp. on Wednesday said it entered accelerated share repurchase agreements to buy back an aggregate $10 billion of the company's common stock.
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The deals will see Intel receive an initial share delivery of 166 million shares, with final settlement scheduled to occur by the end of 2020.
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Intel said the purchases are part of a previous $20 billion stock buyback plan, which the company announced in October. The company suspended stock repurchases in March, but also said it "believes that its common stock is at the time of this announcement trading well below intrinsic valuation, and that these repurchases are prudent at this time, given the strength of the company's balance sheet."
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Intel is funding the share repurchases with existing cash resources, it said.
After the accelerated share repurchase agreements are completed, Intel said, it will have repurchased $17.6 billion in shares as part of the $20 billion share repurchase.
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