?Numbers Show Apple Shareholders Have Already Gotten Plenty
Harvard Business Review
OCTOBER 16, 2014
ASRs: Apple contracts with an investment bank to short its stock, enabling the company to retire in one fell swoop the entire amount in the contract. The bank then does the actual repurchases on the open market over time (in the case of Apple, nine months for the first $2 billion ASR and 12 months for each of two later $12 billion ASRs).
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