Apollo Group (APOL) Raised Its Buyback Plan to $500M
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In its 10-Q Apollo Group Inc. (Nasdaq: APOL) provided a status update on its shares repurchase plan and raised its buyback plan to $500 million.
During the three months ended May 31, 2009, the company repurchased approximately 7.2 million shares of Class A common stock at a total cost of approximately $444.4 million, representing a weighted average purchase price of $61.62 per share.
As of May 31, 2009, approximately $55.6 million remained available under the company's share repurchase authorization.
On June 25, 2009, the Board of Directors authorized an increase in the amount available under their stock repurchase program of up to an aggregate amount of $500 million of Apollo Group Class A common stock.
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