Baidu Announces Share Repurchase Plan
by Andrew Redfern @ 3rd November 2008 9:25 pm
Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced that its board of directors has approved a share repurchase plan, subject to shareholder approval.
Baidu has been authorized, but is not obligated, to repurchase up to US$200 million worth of its own American Depositary Shares (”ADSs”) by the end of 2009.
The repurchases will be made from time to time on the open market or in negotiated transactions in accordance with Rule 10b- 18 under the Securities Exchange Act of 1934, subject to market conditions, the trading price of ADSs and other factors.
Baidu’s management expects to implement the share repurchase plan in a manner consistent with the market conditions and the best interest of Baidu’s shareholders.
Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu’s ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ Global Select Market under the symbol “BIDU.”
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