United States Cellular Corp. (USM) announced that its board of directors approved a new stock repurchase authorization for the repurchase of up to 1.3 million shares per calendar year.
The company said the primary reason for the new authorization is to offset future dilution from benefit and compensation plans.
The new stock repurchase program enables the company to add shares not purchased in a given year to the number of shares that can be purchased in subsequent years and has no expiration date. It replaces the existing Limited Authorization, which will be terminated at the end of current year.
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