Berkshire Hathaway Amends Share Repurchase Program
July 17 2018 - 6:04PM
Business Wire
Berkshire Hathaway Inc. (BRK.A and BRK.B) –
The Board of Directors of Berkshire Hathaway Inc. has today
authorized an amendment to Berkshire’s share repurchase program.
The earlier share repurchase program provided that the price paid
for repurchases would not exceed a 20% premium over the
then-current book value of such shares. Under the amendment adopted
by the Board of Directors, share repurchases can be made at any
time that both Warren Buffett, Berkshire’s Chairman and CEO, and
Charlie Munger, a Berkshire Vice Chairman, believe that the
repurchase price is below Berkshire’s intrinsic value,
conservatively determined.
The current policy whereby share repurchases will not be made if
they would reduce the value of Berkshire’s consolidated cash, cash
equivalents and U.S. Treasury Bills holdings below $20 billion will
continue. Berkshire will not initiate any share repurchases under
the amended program until it publicly releases its second quarter
earnings, currently scheduled after the close of the markets on
Friday, August 3, 2018.
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse
business activities including insurance and reinsurance, utilities
and energy, freight rail transportation, finance, manufacturing,
retailing and services. Common stock of the company is listed on
the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, which contain words such as “expect,”
“believe” or “plan,” by their nature address matters that are, to
different degrees, uncertain. These uncertainties may cause actual
future events to be materially different than those expressed in
our forward-looking statements, including with respect to the
duration of the repurchase program. We do not undertake to update
our forward-looking statements.
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Berkshire Hathaway Inc.Marc D. Hamburg, 402-346-1400
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