logo
Share SHARE
FONT-SIZE Plus   Neg

Viad Exploring Opportunities To Boost Shareholder Value

Viad Corp (VVI: Quote) said Friday that its Board of Directors has authorized management to explore and evaluate opportunities to enhance shareholder value, including a potential separation of its Travel & Recreation and Marketing & Events businesses.

The Viad Board previously hired and has been working with J.P. Morgan Securities LLC as its financial advisor to assist in the evaluation process.

The company also said its board has authorized the repurchase of up to an additional one million shares of the company's common stock, from time to time at prevailing market prices.

As of September 30, the company had repurchased about 610,000 shares since September 2010 pursuant to previously announced authorizations by the board, which represents substantially all of the shares available for repurchase under existing announced authorizations.

The company also said that its Amended and Restated Credit Agreement, dated May 18, 2011, was amended, effective as of December 12, 2012, to remove the prior limitation on share repurchases of $10 million in the aggregate per calendar year. The amendment now allows share repurchases unless the Company's leverage ratio, as defined in the Credit Agreement, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Agreement, exists. As of September 30, 2012, the company's leverage ratio was 0.21 to 1.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
Follow RTT