Google begins share buyback
1 December 2004
Search giant Google has announced that it is to start its share buyback offer immediately.
Google has offered to buy back 23.4 million common shares it may have issued improperly to previous and current employees and consultants without registering them properly with the SEC.
In a filing with the Securities and Exchange Commission (SEC), the company said the offer window will close on December 30th. Google said it expects little take-up of the buyback offer, which has a weighted average offer price of $3.94 per share. The buyback prices will be equal to the amount that was paid, plus interest.
The buyback offer includes 23.4 million shares of common stock issued prior to the company's 1998 and 2003 stock plans and unexercised options to buy 5.2 million shares of common stock.
When the buyback offer expires, any shareholders who did not accept the offer will have freely tradable stock, subject to lock-up and vesting restrictions.
The buyback plan aims to balance out Google's granting of stock options and shares to employees before its stock market launch.
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