Motorola Solutions Inc. is buying back up to $2 billion worth of stock, partly with a recent $1 billion investment from private equity firm Silver Lake.
The buyback will be through a modified "Dutch Auction" tender offer, which allows the company to modify the asking price of the stock. Under the plan, shareholders can tender their stock between a range of $61 and $66.50 per share. The communications technology company will determine the lowest price within the range that allows it to purchase up to an about $2 billion of its common stock.
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Shares of Schaumburg, Illinois-based Motorola Solutions fell 24 cents to close at $63.80 on Thursday.