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TECHNOLOGY

From Times Staff and Wire Reports

IBM to Buy Back Depositary Shares: The Armonk, N.Y.-based company said it will buy back $1.1 billion of depositary shares of its preferred stock in its latest bid to cut debt. International Business Machines Corp. said it will purchase 44.6 million depositary shares of its Series A 7.5% preferred stock at $25 each. Each depositary share represents a one-fourth interest in a share of the preferred stock. Under the offer, depositary shares bought by IBM will not receive the regular quarterly cash dividend that is expected to be paid in the first quarter, the company said.


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