McGraw-Hill (MHP) Approves Accelerated $500M Buyback

March 25, 2013 8:17 AM EDT
McGraw-Hill Cos. (NYSE: MHP) will resume its share repurchase program with a $500 million accelerated share repurchase transaction.

The Company is using a portion of the approximately $1.9 billion in after tax proceeds from the sale of McGraw-Hill Education to fund the accelerated share repurchase transaction. Adjusted for the estimated full impact of the accelerated share repurchase transaction, approximately 8 million shares will remain under the existing share repurchase authorization from the Board of Directors.

"This transaction demonstrates our ongoing ability to create value for shareholders," said Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies.

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