Micron Technology Reports $1 Bln Share Buyback Authorization - Quick Facts

(RTTNews) - Micron Technology, Inc. (MU) said its board has authorized the discretionary repurchase of up to $1 billion of its outstanding common stock.

Ron Foster, Micron Chief Financial Officer and Vice President of Finance, said: "In the first fiscal quarter of 2015, we spent approximately $389 million to eliminate our 2031B convertible senior notes and their associated share dilution. This share repurchase authorization represents an additional avenue to return excess capital to investors and enhance long-term shareholder value."

The approval of repurchase does not obligate Micron to acquire any common stock.