Berkshire Hathaway Spends $1.2B In Stock Buyback

Law360, New York (December 12, 2012, 10:20 PM EST) -- Berkshire Hathaway Inc. announced Wednesday it had paid $1.2 billion to buy back stock from the estate of a longtime shareholder as it continued to employ a strategy chairman and CEO Warren Buffett had long eschewed.

The company made the announcement of the repurchase of 9,200 Class A shares at $131,000 per share at the same time it disclosed its board had authorized the price limit for buybacks to 120 percent of book value from the 110 percent level previously stated last year.

As of the...
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