Research in Motion's stock has been on a downward trend over the last month or so and the company must think they can get their own stock for a sale price. RIM's board has approved a stock buy back program to the tune of $1.2 billion.
The share repurchase program may commence on November 9, 2009 and will remain in place for up to 12 months or until the purchases are completed or the program is terminated by RIM. RIM has not repurchased any shares within the past twelve months.
RIM's Board of Directors believes that a share repurchase program at this time is in the best interests of RIM and its shareholders, and will not impact RIM's ability to execute its growth plans given the strength of RIM's balance sheet and expected cash flow generation over the next several quarters. Any shares purchased under the program will increase the proportionate interest of, and may be advantageous to, all remaining shareholders of RIM.
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