Lorillard (NYSE: LO ) is reaching into its pack of tricks to help boost the value of its shares. The company's board has authorized a $500 million expansion of its common stock buyback program, pushing the full authorization to $1.0 billion. The company announced the original $500 million program in early March.
The buybacks will be effected through various means, including but not limited to open market purchases, block trades, and privately negotiated purchases.
In the press release announcing the move, Lorillard pointed out that the authorization doesn't obligate it to purchase any specific amount of stock. Additionally, the scheme "may be suspended, modified, or discontinued at any time and has no set expiration date."