logo
Share SHARE
FONT-SIZE Plus   Neg

Cooper Tire & Rubber Board Authorizes Repurchase Of Up To $300 Mln Of Stock

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Teens and young adults now find Instagram and Snapchat more attractive than Facebook, a new study by eMarketer revealed. The report also suggested that for the first time, Snapchat might overtake Facebook in the U.S. by gaining a marketshare of 40.8 percent in social network. A new survey has shown that a majority of parents as well as teens agree that texting or use of cell phones are the biggest distraction to teen drivers. The survey also found that risky driving behavior seems to run in the family. The 2017 Family Safe Driving Report was released by EverQuote Inc., a venture-backed online insurance marketplace. Less than two months after its debut on the New York Stock Exchange, embattled meal-kit delivery company Blue Apron Holdings Inc. has been hit with multiple shareholder lawsuits for its "misleading" and "untrue" statements in its IPO prospectus. The various lawsuits mirror each other in their allegations against Blue Apron, its CEO, CFO, directors and the underwriters of its IPO.
comments powered by Disqus
Follow RTT