Family Dollar Stores Inc. (FDO) announced that its board has authorized the company to purchase an additional $400 million of the Company's common stock. The share repurchase program does not have an expiration date, and any purchases may be made in the open market, in private transactions or transactions structured through investment banking institutions. The Company expects to fund the stock repurchase program with cash from operations.
At the end of fiscal 2009, the Company had authorization to purchase up to an additional $62.0 million of its common stock. This new authorization is in addition to the Company's current share repurchase authorization.
Family Dollar also announced that the Company's Board has declared a regular quarterly cash dividend on the Company's common stock of $0.135 per share, payable on January 15, 2010, to shareholders of record at the close of business on December 15, 2009.
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