Shanda Interactive announces buyback authorization of up to $300 million
By APMonday, March 22, 2010
Shanda Interactive announces $300M buyback plan
NEW YORK — Online gaming company Shanda Interactive Entertainment Ltd. said Monday that it would buy back up to $300 million of its U.S.-listed shares.
Company shares have been sliding since the beginning of the year and earlier this month, the company said revenue will fall 10 percent to 15 percent from fourth-quarter levels.
In 2008, the Shanghai company announced a plan to buy back up to $200 million in shares, an amount it later raised to $300 million.
The company has a market capitalization of $2.8 billion.
Shanda shares rose 4 cents to $41.60 Monday. They have traded between $33.47 and $65 in the last 12 months.
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