Avis Budget Group (CAR) Increases Buyback Plan By $250M
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Avis Budget Group, Inc. (NASDAQ: CAR) today announced that its Board of Directors has increased the Company’s share repurchase authorization by $250 million, giving the Company $400 million of available repurchase authorization from October 1 going forward.
“Since August 2013, we have repurchased more than $1 billion of our common shares,” said Larry De Shon, Avis Budget Group Chief Executive Officer. “We remain committed to returning a portion of our cash flow to our shareholders through buybacks, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives.”
Under the stock repurchase program, the Company repurchases shares from time to time in open market transactions, and may also repurchase shares in accelerated stock buyback programs, tender offers, privately negotiated transactions or by other means. Repurchases may also be made under a Rule 10b5-1 plan. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice.
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