Qualcomm Inc. said Tuesday morning that it had begin a “modified Dutch tender” offer so that it could buy back shares of its common stock worth up to $10 billion. The company said it would purchase shares at a price of $60 to $67.50. Shares are up 2.4% in premarket trading after the announcement. The offer is set to expire at the end of the day on Aug. 27, unless it is extended. “Qualcomm believes that the Offer represents an efficient mechanism to provide Qualcomm’s stockholders with the opportunity to tender all or a portion of their stock and thereby receive a return of some or all of their investment in Qualcomm if they so elect,” the company said in a release. The current offer is part of a larger $30 billion stock repurchase program that Qualcomm aims to complete by the end of fiscal 2019. Shares are up 17% over the past 12 months, while the S&P 500 has gained 13%.
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