Flextronics (FLEX) Shareholders Approved Expanded Stock Buyback Plan
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On August 24, 2016, Flex (NASDAQ: FLEX) received shareholder approval to purchase up to 20% of its outstanding shares. Additionally, the Company's Board of Directors authorized management to purchase the Company's shares in an aggregate amount of up to $500 million. Since the beginning of fiscal 2012, the Company has repurchased approximately 279 million shares for approximately $2.3 billion.
Share repurchases, if any, will be made in the open market and in compliance with SEC Rule 10b-18. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable legal requirements. The share repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended or terminated at any time without prior notice.
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