Interpublic Group (IPG) Dumps Remaining Facebook (FB) Stake; Boosts Stock Buyback Plan
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Interpublic Group (NYSE: IPG) sold its remaining investment in Facebook, Inc. (NASDAQ: FB) for net cash proceeds of $95 million. The company expects to record a pre-tax gain of $94 million.
Interpublic also announced that its Board of Directors has authorized an increase in its existing share repurchase program from $300 million to $400 million. As of September 30, 2012, $151 million had been used under the authorization. The share repurchase program has no expiration date.
"The value of the investment we made in Facebook in 2006 has increased significantly during the last six years," commented Michael I. Roth, Chairman and CEO of Interpublic. "We decided to sell our remaining shares in Facebook as our investment was no longer strategic in nature. Simultaneously, our board has authorized an increase in our share repurchase program of $100 million. We view this as another opportunity to enhance shareholder value reflecting the confidence we have in our company."
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Interpublic also announced that its Board of Directors has authorized an increase in its existing share repurchase program from $300 million to $400 million. As of September 30, 2012, $151 million had been used under the authorization. The share repurchase program has no expiration date.
"The value of the investment we made in Facebook in 2006 has increased significantly during the last six years," commented Michael I. Roth, Chairman and CEO of Interpublic. "We decided to sell our remaining shares in Facebook as our investment was no longer strategic in nature. Simultaneously, our board has authorized an increase in our share repurchase program of $100 million. We view this as another opportunity to enhance shareholder value reflecting the confidence we have in our company."
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