Tiffany & Co. Reveals 400 Million Dollars Stock Repurchase Program
The company has announced...The board of directors of Tiffany & Co. has approved a $400 million stock repurchase program, the company has announced.
The new program, effective immediately, authorizes the repurchase of up to $400 million of Tiffany’s common stock, through open market or private transactions. The new program will expire on January 31, 2013, and supersedes a previous program that was scheduled to expire at the end of January.
The previous program, enacted in March 2005 and subsequently increased and extended in August 2006 and January 2008, had authorized the total repurchase of up to $1.6 billion of common stock.
That program has been terminated and the unused repurchase authority under that program (approximately $329 million) will no longer be available. Under the previous program, the company had repurchased 31.2 million shares at an average cost (including fees) of $40.79 per share.
By: JCKonline
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