Marriott International, Inc. (MAR / NYSE) today announced that its board of directors has approved the purchase of an additional 25 million shares of the company`s common stock, representing approximately ten percent of outstanding shares. The shares will be purchased from time to time in the open market.
The company said it repurchased 10.8 million shares of its common stock in 1999, and has acquired 3.4 million shares to date in 2000 (as of Feb. 2). The company now has authority to buy back an additional 27 million shares. Marriott International had approximately 246.9 million common shares outstanding as of January 1, 2000.