POLICY MANAGEMENT BUYS BACK ITS IBM SHARES AT A DISCOUNT

IBM Corp has persuaded troubled Columbia, South Carolina-based Policy Management Systems Corp to buy back 2.3m of the 3.8m Policy shares IBM holds for $24.77 a share, with the rest going to New York investment firm General Atlantic Partners – but at a discount, because Policy Management Systems’ shares were trading at about $27 earlier this week.

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