AP News

News Summary: Buffett's firm tweaks buyback plan


OMAHA, Neb. (AP) — PRICEY PURCHASE: Warren Buffett's Berkshire Hathaway spent $1.2 billion to purchase 9,200 Class A shares from the estate of a longtime shareholder who was not identified.

BUYBACK BOOST: Berkshire board authorized Buffett to repurchase its own shares anytime they are trading for less than 120 percent of book value. Previously, the limit was 110 percent of book value.

FINANCIAL FLOOR: Analysts say Berkshire's new buyback program will keep the stock price from falling below 120 percent of book value because the company will buy shares whenever they become that cheap.


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