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May 09, 2000

3Com Corp. set July 27 as the day it will spin off its 94% stake in electronic-organizer maker Palm Inc. to 3Com shareholders, several months earlier than expected, after the Internal Revenue Service ruled the transaction will be tax-free to shareholders. The company also said it will buy back as many as $1 billion of its shares in a program that replaces previous authorizations to buy back 45 million shares.

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