Home Depot to buy Back Stock

Atlanta, The Home Depot Inc. will buy back 289.6 million shares of its common stock at $37 a share in a tender that will cost about $10.7 billion.

The purchase represents about 14.6% of the Atlanta-based home improvement retailer's outstanding shares.

The number of shares bought and the price per share under the "Dutch Auction" tender offer are preliminary, Home Depot said. The actual number of shares bought and the price per share will be announced following the completion of the confirmation process.