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Canon Inc. Announces 22,000,000 Shares
Repurchase for ¥5,253.84 Million, $743,000,000.00 USD.
Canon Inc. has announced a share repurchase program where they intend to buy back 22,000,000 shares of their own stock. The total amount allocated for this repurchase is ¥5,253.84 million, which is equivalent to approximately $743,000,000.00 USD.A share repurchases, also known as a buyback, is a corporate action where a company buys its own outstanding shares from the market. This can be done for various reasons, such as to return capital to shareholders, to boost the value of remaining shares by reducing their number, or to prevent hostile takeovers.
Under the program, the company will repurchase up to 22,000,000 shares, representing 16.78% of its share capital, for ¥5,253.84 million. The shares will be repurchased at ¥4,091 per share.
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