VMware to repurchase up to $400 million of shares, EMC to keep 80 percent stake
By APTuesday, March 2, 2010
VMware to repurchase up to $400M of Class A stock
PALO ALTO, Calif. — VMware Inc., which makes software used in corporate data centers, said Tuesday its board has approved a plan to repurchase up to $400 million of its Class A shares through the end of 2011.
At the same time, information management company EMC Corp.’s board authorized a stock purchase program that will allow it to keep its roughly 80 percent stake in VMware by buying shares in the company.
Shares of VMware rose 70 cents to close at $50.97. Shares of EMC fell 10 cents to close at $17.65.
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