Teekay (TK) Increases Dividend and Approves $200 Million Stock Buyback
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Teekay Corporation (NYSE: TK) approved a 15% increase in the Company's quarterly cash dividend. The dividend will increase to $0.31625 per share, from $0.275 per share in the previous quarter. This dividend will be paid on October 31, 2008 to shareholders of record as at October 17, 2008.
Teekay also announced today that its Board of Directors has authorized the repurchase of $200 million of its common stock. This amount represents approximately 14 percent of the Company's total market capitalization as of October 6, 2008.
Teekay Corporation (Teekay) is a provider of international crude oil and petroleum product transportation services. [SM]
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