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BRIEFLY

Aerospace & Defense

July 10, 1992|From Times Staff and Wire Reports

General Dynamics Buying Back Stock: Defense contractor General Dynamics Corp. said it will pay about $957 million to buy back 13.25 million shares of its common stock. Cash-heavy after selling several divisions to streamline operations after the end of the Cold War, the Falls Church, Va.-based company said last month that it planned to buy back 30% of its common stock in a Dutch auction. The Dutch auction process allows shareholders to specify what price they will accept within a specified range. General Dynamics said it will purchase the 13.25 million shares at $72.25 a share. The company said that after the purchase, it will have about 29.1 million shares of common stock outstanding. General Dynamics shares rose 62.5 cents to $72.875 on the NYSE, a 52-week high.

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