RIM Buying Back $1.2B Worth Of Shares

Law360, New York (November 11, 2009, 4:32 PM EST) -- Facing a drop in share value, stiff competition in the smartphone market and open speculation that it might become a takeover target, BlackBerry maker Research In Motion Ltd. has announced it will buy back more than $1 billion worth of its shares.

The Waterloo, Ontario-based company announced the repurchase program on Nov. 5 and said it would buy back approximately 21 million shares at a value of up to $1.2 billion.

The buyback is governed by the rules of the U.S. Securities and Exchange Commission, the...
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