Morgans Hotel Group Announces New $30 Million Stock Repurchase Program
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Morgans Hotel Group Announces New $30 Million Stock Repurchase Program
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Catégorie : Monde - Économie du secteur -
Rachats groupes ou hôtels
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 03-07-2008
Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG") today announced that the Company's Board of Directors has authorized a repurchase of up to $30 million of MHG common stock, or approximately 9% of its outstanding shares, based on the current market price. The Company has previously completed two stock repurchase programs, totaling $75 million.
"This repurchase program reflects the confidence of our Board of Directors in MHG's unique market position," said Fred J. Kleisner, President and Chief Executive Officer of MHG. "We believe that the purchase of MHG shares is an attractive investment for our Company. Our balance sheet and cash position provide us the financial flexibility to implement this program, which we believe is an excellent way to continue to build value for our shareholders."
Stock repurchases will be made from time to time through the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The stock repurchase program may be suspended or terminated at any time without prior notice, and will expire on July 1, 2009.
The Company also noted that the deadline to obtain construction financing for the Echelon project has been extended to September 15, 2008.
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