Google Begins Buyback of 23.4 Million Shares

Google Inc. began its repurchase offer for the 23.4 million shares and additional options the Web-search company may have issued improperly.

Google said in a regulatory filing released by the Securities and Exchange Commission that the repurchase price for the shares ranged from 30 cents to $80 each and was equal to the price paid by the purchasers. Google's buyback offer will expire Dec. 30.

Mountain View, Calif.-based Google disclosed in August that federal regulators were investigating the company for issuing millions of shares and options to employees in the years leading up to its initial public offering of stock without registering the shares with regulators.

Google's shares rose 98 cents to $181.98 on Nasdaq.