AOL to buy back $600m in stock

AOL said yesterday it will buy back $600m (£390m) of stock and pay a dividend of $5.15 per share as part of its plan to return shareholders $1bn that it received by selling patents to Microsoft. The company has been aggressively giving back to investors in recent months. It won a bitter proxy battle against activist hedge fund Starboard Value and pledged to give the entire $1bn patent sale proceeds to shareholders. The deal will see AOL pay Barclays $600m upfront to execute the repurchase this year, with Barclays to deliver the first 4m shares by 30 August.