Lorillard, Inc. (LO), the third largest manufacturer of cigarettes in the United States, said Tuesday that its Board of Directors amended the company's existing $500 million share repurchase program to authorize an additional $500 million in repurchases, authorizing the company to repurchase in the aggregate up to $1.0 billion of its outstanding common stock.
The original $500 million share repurchase program was announced on March 8.
Purchases by the company under the program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company's management.
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