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This report might shed some lights on the determination of the board to carry out their share buyback program for boosting the ROE.http://news.chinatimes.com/Chinatimes/newslist/newslist-content/0,3546,120501+122004032400322,00.htmlAccording to the report, this action was adumbrated in Oct. 2002 and never got realized until today. It seems to me that this is not an abrupt decision and they had this plan all along and decided to hold it for the right moment. (This is my speculation)
What did TSMC proposed to buy back? Shares from open market or shares from big investors or shares scheduled to be sold to pay for capex?
Probably open market at the street price since they have specified a buyback price range.BTW, I have been wondering what do you mean by mentioning "RABBIT"? Is there a story behind that term?