Recent Action Indicates Coinstar (CSTR) Has no Plans to be Acquired (VZ)
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Coinstar (Nasdaq: CSTR) may have gotten a takeover bid last summer, but the company is taking broader steps to avert such an event of happening again.
Over the last week, Coinstar has raised $350 million via debt offerings which it plans to use to buyback shares (though specific buyback plans weren't announced).
Over the last several months, Coinstar has bought back about 12 percent of its stock, the NY Post noted over the weekend. Coupled with recent management changes at top positions like CEO and CFO over the last few months, the Company is pushing to build its Redbox Instant brand rather than alter its trajectory.
Last August, Coinstar rebuffed a $60-per-share offer from private equity firm Providence Equity Partners. The offer came as Coinstar filed a 10b5-1 to repurchase up to $270 million in stock.
Redbox Instant is Coinstar's streaming video initiative with partner Verizon (NYSE: VZ). The company is trading higher early.
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Over the last week, Coinstar has raised $350 million via debt offerings which it plans to use to buyback shares (though specific buyback plans weren't announced).
Over the last several months, Coinstar has bought back about 12 percent of its stock, the NY Post noted over the weekend. Coupled with recent management changes at top positions like CEO and CFO over the last few months, the Company is pushing to build its Redbox Instant brand rather than alter its trajectory.
Last August, Coinstar rebuffed a $60-per-share offer from private equity firm Providence Equity Partners. The offer came as Coinstar filed a 10b5-1 to repurchase up to $270 million in stock.
Redbox Instant is Coinstar's streaming video initiative with partner Verizon (NYSE: VZ). The company is trading higher early.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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