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ATLANTA-Cousins Properties Inc.'s board of directors has adopted a plan authorizing the company to repurchase up to five million shares of its common stock.
Under the plan, the company has until May 9, 2009 to purchase the stock in open market transactions under a 10b5-1 purchase plan and in negotiated and block transactions as market and business conditions warrant. Based on the market value of shares at the close of business on May 8, five million shares would be worth about $155 million.
Matt Gove, Cousins' vice president of corporate communications, tells GlobeSt.com that in repurchase plans in past years, the company has repurchased 2, 691,582 shares for a total cost of $64.8 million. However, in the most recently passed repurchase plan which ran from April 15, 2004 to April 15, 2006 the company did not repurchase any stock.
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