Loading…
Thursday, April 17, 2014
Current Weather
Loading Current Weather....
Published: 8/12/2013 - Updated: 8 months ago

Dana unveils accelerated $200M stock buy back

Company set $1 billion target by end of year

BLADE STAFF

Dana Holding Corp. said Monday it has an agreement with JP Morgan Chase Bank to buy back $200 million worth of company stock.

The Maumee auto-parts supplier said it will get about 7.3 million outstanding shares in the the accelerated share repurchase program. The total number of shares is dependent on Dana's stock performance. The deal is expected to be finished by the end of the year.

Dana announced in June it was expanding a $250 million share repurchase program to up to $1 billion. Including the accelerated share repurchase announced Monday, the company is already more than three-quarters of the way there.

Dana said it has now repurchased more than 34 million shares of stock at a cost of about $775 million.

Companies often enter into share repurchase agreements as a way to boost the value of their shares, thus pleasing shareholders.

Shares of the company's stock were up 62 cents, or 2.8 percent Monday, closing at $22.53. Dana stock is up more than 44 percent year-to-date.

The company said it will continue share repurchases using the remaining $225 million under the program from time to time in the open market or through privately negotiated transactions.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories