Apple's biggest acquisition

Apple's gargantuan cash pile prompts a lot of speculation about acquisitions but its recent share buyback could be the tech giant's best buy ever.

At the end of the first quarter 2013 there were 946,035,000 fully diluted shares of Apple stock outstanding. At the end of the second quarter there were 924,265,000. The 21,770,000 shares that disappeared were purchased by Apple and retired. Apple shares traded between $US390 and $US463 during the quarter so it’s hard to know exactly how much Apple paid for them, but at an average of $US426.5 per share Apple would have spent $US9.3 billion

Management explains:

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