Board of Directors authorizes Cboe to repurchase up to additional $250m of shares
With this increase, the company has approximately $347.6 million of availability remaining under its share repurchase program.
Cboe Global Markets, Inc announced on Wednesday that its Board of Directors has authorized the company to repurchase up to an additional $250 million of its outstanding common stock, effective immediately.
With this increase, the company has approximately $347.6 million of availability remaining under its share repurchase program as of June 10, 2020. Year-to-date through June 10, 2020, the company has repurchased 1.9 million shares, for a total of approximately $201.6 million.
The share repurchase program, which has no expiration date, allows the company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the company to make any repurchases at any specific time or situation. The timing and extent to which the company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements and other factors.
Share repurchases may be commenced or suspended at any time or from time to time without prior notice.
Ed Tilly, Cboe’s Chairman, President and Chief Executive Officer, commented:
“The capital allocation actions we have taken year-to-date, including our strategic acquisitions, share repurchase activity and increased share repurchase authorization, reinforce our capital allocation priorities of investing in the growth of our business, maintaining a strong and flexible balance sheet, and returning excess cash to shareholders through dividends and share repurchases. These actions also demonstrate our Board of Directors’ support and confidence in the company’s future cash flow generation capabilities.”