The Jarden Corporation Board of Directors has approved a new stock repurchase program for up to $500 million of its common stock. Acquisitions under the stock repurchase program may be made from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions, at the company's discretion, as permitted by securities laws and other legal requirements, and subject to market conditions and other factors.
The company also stated that during the current quarter it completed the $150 million repurchase program first authorized in November 2007 and increased in March 2010. As of June 30, 2011, the company had approximately 92.7 million shares of common stock outstanding.
Martin E. Franklin, Executive Chairman of Jarden Corporation, commented, “For the past several years, our key priorities for using our cash have been to reinvest in our businesses, to pay down debt and to make acquisitions where appropriate. We have made significant progress on these efforts, and they will continue to be a focus. However, given the weakness in our share price, current market dynamics, and the strength of our liquidity, we believe accelerating our repurchase of shares is an appropriate use of cash, in line with our ongoing commitment to increase shareholder value.”
There can be no assurance as to the amount, timing or prices of repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The share repurchase program may be modified, extended or terminated by the Board of Directors at any time.
