The Shaw Group’s board of directors has authorized the company to buy back up to $500 million in stock shares. Shaw says it will pay for the stock out of the $1.6 billion it has in available cash and money set aside for short-term investments. Shaw officials say the stock repurchase is a good value for shareholders. Shaw stock closed Friday at $33.23 a share; it hit a high last year of nearly $40 in April.
Shaw set to buy back $500 million in shares
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