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SAN DIEGO-Price Legacy Corp.’s board of directors has approved the repurchase of up to $10 million in outstanding shares of common stock of the company. The board of the newly merged entity has authorized officials to purchase its currently outstanding shares of common stock from time to time on the open market and in negotiated transactions.

Price Legacy’s management will base its purchase decisions on market conditions, the price of the company’s common shares and other factors. The repurchase program does not obligate Price Legacy to acquire any particular number of shares and may be suspended at any time at the company’s discretion.

Company officials say they believe that the common stock price has been trading at a significant discount to its net asset value, and this is an opportunity to increase shareholder value.

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