Jarden to Repurchase Up to $500 Million of Its Common Stock
August 11, 2011,
RYE, N.Y.--Jarden's board of directors has approved a new stock-repurchase program, whereby the consumer-products giant will repurchase up to $500 million of its common stock.
In a company statement, Martin Franklin, Jarden's executive chairman, said the program marks an acceleration of its repurchase of shares, and the decision on the new program was made in light of the weakness in Jarden's share price, current market dynamics and the strength of its liquidity. Since mid-July, Jarden's stock has fallen from about $34 per share to about $27.50 a share. The new program "is an appropriate use of cash, in line with our ongoing commitment to increase shareholder value," Franklin said.