Cooper Tire & Rubber Company (CTB) announced its Board has increased and extended share repurchase program by authorizing the repurchase of up to $300 million of the company's outstanding common stock through Dec. 31, 2019. The $300 million authorization replaces the $98 million remaining on the authorization from February 2016, as of Feb. 14, 2017.
The increased authorization is approximately 15 percent of the current market capitalization. The company said the repurchased shares will be held in Treasury and used for general corporate purposes.
Since the company began repurchasing shares in August 2014 through Feb. 14, 2017, Cooper has repurchased approximately 12.6 million shares at an average price of $34.15, which amounts to 20 percent of the outstanding shares as of August 2014. As of Feb. 14, 2017, Cooper had approximately 52.7 million outstanding common shares.
by RTT Staff Writer
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