Brown-Forman (BF-A) Adds $1B to Common Buyback Plan

Brown-Forman (NYSE: BF-A) announced that its Board of Directors has approved a $1 billion increase to its share repurchase authorization and extended it through March 24, 2016, subject to market and other conditions. The existing buyback authorization had $108 million remaining as of market close on March 24, 2015. Under the amended repurchase program, the company can repurchase Class A and Class B common shares from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. This share repurchase program may be modified, suspended, or terminated by the company at any time without prior notice.

Paul Varga, chief executive officer of Brown-Forman said, “This $1 billion incremental share repurchase authorization reflects the excellent health of our business, the quality of our balance sheet and cash flows, and the optimism we have for the continued growth of Brown-Forman.”

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