Berkshire Hathaway Inc. (NYSE:BRK-A) disclosed Wednesday that it paid about $1.2 billion for 9,200 of its shares from the estate of founder Warren Buffett.
Berkshire bought the shares for $131,000 apiece and may buy more in the market at prices of up to 120 percent of book value, which is an increase from an earlier price limit on what Berkshire said it would pay for its shares, Reuters said.
In September, the conglomerate's board said it would start a share buyback at a price that would be "no higher than a 10 percent premium over the then-current book value of the shares."
Shares jumped $3,342, or 2.55 percent, to $134,275 in late morning trading.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...