Pacific Telesis’ board of directors approved repurchase...

Pacific Telesis’ board of directors approved repurchase of up to 10 million shares of the telecommunications holding company’s common stock, bringing the total of shares repurchased since October, 1987, to 30 million and the cost to nearly $1 billion, Chairman Sam Ginn told securities analysts in Sam Francisco. The program “allows us to take advantage of how the market is undervaluing our stock, and it’s an attractive use of our resources, “ Ginn explained.