Lennox International (LII) Announces $300M Buyback
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Lennox International Inc. (NYSE: LII) announced its board of directors has approved a share repurchase program for $300 million of its common stock in open market transactions. Based on the closing price on May 30, 2008, a $300 million repurchase would represent over 15% of the company's market capitalization.
The company has repurchased approximately 14 million shares under the $500 million stock repurchase program announced on July 25, 2007. The repurchases were completed over one quarter ahead of the previously announced completion date of the end of third quarter 2008.
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