AOL Shares Patent Windfall With a $400M Buyback

As tipped by Kara Swisher over the weekend, AOL said today it will buy back $400 million worth of its shares as the first step in passing out the proceeds of its $1.1 billion patent sale to Microsoft. Shareholders will have until Aug. 2 to tender shares (currently trading at about $27.50) at a price between $27 and $30.