12/8/2020, 1:16 PM (Source: TeleTrader)
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Chart for: Baidu

Baidu upsizes its buyback program by $1.5B

Baidu, Inc. announced on Tuesday that its board of directors allowed for a modification in the firm's 2020 Share Repurchase Program, a buyback arrangement valid through 2022, moving the limit for the aggregate value of shares that may be repurchased from $3 billion to $4.5 billion.

The "proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means," the Chinese technology company asserted and added that the board will periodically reassess the "terms and size" of the program.

Baidu's shares gained 1.70% to sell for $146.75 in the premarket after the release of the news.

Breaking the News / BU