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Brown-Forman's board OKs buyback of up to $250M
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LOUISVILLE, Ky. - Liquor company Brown-Forman Corp. said Thursday its board of directors has authorized the repurchase of up to $250 million of its stock over the next year.
The company, known for brands like Jack Daniel's, Southern Comfort, and Gentlemen Jack, said the buyback affects both its Class A and Class B common shares, subject to market conditions.
The company said it plans to buy back the shares for cash in open market purchases, block transactions, and privately negotiated transactions.
It said it plans to discuss the buyback and its second quarter results on Friday.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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