Monday, August 30, 2010

HP Gives Nod to $10 Billion Share Repurchase

Posted By on Mon, Aug 30, 2010 at 1:58 PM

With approximately 3,000 employees at its Boise facility and thousands more of Treasure Valley retirees, stock-watchers are keeping a close eye on Hewlett Packard's plan to repurchase $10 billion in shares.

HP's board authorized the buyback Monday while the company was in the middle of a bidding contest with rival Dell for the data storage company 3Par Inc.

On Aug. 27, HP raised its offer for 3Par to $30 a share, or $1.88 billion. Dell has the right to match any higher bid and have its offer take precedence within three business days. 3Par specializes in technology that doles out storage space on the fly, keeping data storage costs low.

At the end of last quarter, HP had $14.7 billion in cash and short-term investments.

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