Nortel Networks Renews Share Repurchase Program
TORONTO, Feb. 22 /PRnewswire/ - Nortel Networks (NYSE:NT/TSE:NTL) announced today that it has filed with the Toronto and Montreal stock exchanges and with the provincial securities regulatory authorities a Notice of Intention to make a normal course issuer bid for its common shares.
Pursuant to the issuer bid, Nortel Networks may purchase for cancellation up to 10,000,000 common shares, representing approximately 1.5 percent of its issued and outstanding common shares. The purchases may be conducted during the twelve month period commencing on February 26, 1999 and ending on February 25, 2000. The shares will be purchased through the facilities of the Toronto, Montreal and New York stock exchanges at market prices. In the twelve month period ending on February 3, 1999, Nortel repurchased and cancelled 4,347,400 common shares under its previous share repurchase program at an average price per share of C$77.04 or US$50.86.
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