On Monday morning, Hewlett Packard (NYSE:HPQ) announced its Board of Directors had authorized the repurchasing of $10 billion worth of HP stock. This buyback program is in addition to the $3.1 billion left on the current $8 billion program. This news comes while the company is in the middle of a bidding war with Dell (NASDAQ:DELL) for the right to acquire 3Par (NYSE:PAR). Currently, Hewlett Packard has the highest bid in at $30 per share, but Dell has three business days to match that offer.
Shares of Hewlett Packard were trading higher on Monday as investors cheered on the buyback program. In afternoon trading, HPQ was up more than 2.5%.
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