News
Hasbro grabs an extra $500m
Samantha Loveday Aug 3 2007, 10:00am
Stock repurchased after authorisation from board of directors.
Hasbro's board of directors has authorised the company to repurchase an additional $500 million in common stock.
These shares may be purchased in the open market or through privately negotiated transactions. Hasbro has no obligation to repurchase shares under the authorisation, and the timing, actual number and value of shares which are repurchased will depend on a number of factors including the price of the company's common stock.
"This program reflects the continuing commitment of the board of directors and Hasbro management to pursue opportunities that create value for our shareholders," said Alfred J Verrecchia, president and chief executive officer.
Hasbro annouced a $350m share repurchase authorisation in May 2005, which was completed in July 2006. In that month, the firm announced an additional $350m authorisation. Since May 2005, the company has spent $692.1m to repurchase 31,653,000 shares and has only $7.9m remaining in the July 2006 authorisation.
