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CIM Commercial Trust repurchases stock for $310M, declares special dividend

CIM Commercial Trust Corp. repurchased 14,090,909 shares of its common stock from a fund managed by one of its affiliates for an aggregate purchase price of $310.0 million.

The company's board also declared a special cash dividend of 73 cents per common share.

The repurchase price translates to $22.0 per share.

The dividend will be paid Jan. 11, 2018, to common shareholders on record as of Dec. 29.