Greenlight Company Presentation
Large One-Time Share Repurchase
Cash available for repurchase ($ billions)
Average repurchase price per share
Number of shares repurchased (millions)
% outstanding shares
Current shares outstanding (millions)
Less shares repurchased
Pro forma shares outstanding (millions)
Greenlight Capital, Inc.
$84
$600
140
15%
945
(140)
805
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Let's look at a second option: a one time $84 billion share repurchase.
To get this all done at once, we assume a tender at $600 per share. This way all the shareholders
would benefit the same by tendering their pro-rata share. One could try a lower price, but it doesn't
affect the outcome very much.
Under this plan Apple could repurchase 140 million shares or about 15% of the outstanding shares,
leaving 805 million shares outstanding.
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