Under Armour, Inc. announced that its Board of Directors has authorized the repurchase of up to $500 million of Under Armour’s outstanding Class C common stock, effective immediately.
“We believe this share buyback program provides an excellent opportunity to deploy cash and enhance shareholder value without compromising the financial flexibility necessary to continue investing in key higher-growth opportunities,” said Under Armour President and CEO Patrik Frisk.
Repurchases under this program may be made over the next two years through various methods including open market, privately negotiated or accelerated share repurchase transactions. Timing, manner, price, and amount of stock repurchases will be determined at management’s discretion based on various factors, including, but not limited to, economic and market conditions, stock price, other capital management needs, opportunities, and corporate and regulatory considerations.
Photo courtesy UA
