Shareholders approved a plan that lets Sun Microsystems (Nasdaq: SUNW) carry out its next stock split.
At the server vendor's annual meeting on Wednesday, shareholders authorized an increase in Sun's maximum shares to 7.2 billion from 3.6 billion. As a result, Sun can now carry out a 2-for-1 split previously approved by the company's board in August.
Wednesday's announcement marks the sixth stock split for Sun since the company went public in 1987. Sun will have about 3.22 billion shares following the split, payable Dec. 5 for shareholders of Nov. 9 record.
Sun's split comes as the stock trades near its all-time high. Although shares of Sun fell 11.125 to 100.3125 amid a broad market decline Wednesday, the stock remains 81 percent above its 52-week low.
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