IP OKs $3B Share Repurchase Program
MEMPHIS, TN—International Paper’s board of directors has authorized a share repurchase program to acquire up to $3 billion of the company’s stock. The repurchase amounts to roughly 20 percent of IP’s outstanding shares at Wednesday’s closing price of $32.12.
The program is slated to start in the third quarter of 2006 and a significant number of shares will be purchased by the end of the year. The company is considering various forms of share repurchase vehicles, including tender offers, accelerated share repurchases and/or open market purchases.
International Paper intends to complete the program before the end of 2007.