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CIM Commercial repurchases $576M of shares

CIM Commercial Trust repurchased 26,181,818 shares of its common stock for $576 million, or $22 per share, in a privately negotiated deal from a fund managed by the company.

The board also declared a special cash dividend of $1.98 per common share and adjusted its quarterly cash dividend to 12.5 cents per share, with both dividends payable June 27 to shareholders of record as of June 20.

The fund chose not to receive the special dividend on the common shares it owns.