Starbucks says it may repurchase up to 25 million additional shares of its common stock. The plan reflects the Seattle based company’s strong cash flow and commitment to return value to shareholders. The move comes a day after Starbucks announced the acquisition of Teavana, which sells loose leaf teas, for $620 million.
Seattle-based Starbucks said Wednesday that it will pay $620 million in cash to buy Teavana Holdings Inc., which sells high-end loose leaf teas in 300 shopping mall locations. The plan is to expand Teavana’s footprint beyond the mall with stand-alone shops, adding tea bars with specialty drinks.