Choice Hotels Board Authorizes Five Million Share Increase in Stock Repurchase Program
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Choice Hotels Board Authorizes Five Million Share Increase in Stock Repurchase Program
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Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-12-22
Choice Hotels International, Inc. (NYSE: CHH) today announced that on December 12, 2008 its Board of Directors authorized an increase under the Company's existing stock repurchase program to acquire up to an additional five million shares of its outstanding common stock. The five million share increase brings to approximately 6 million the total number of shares authorized for repurchase under the program as of December 18, 2008.
Choice expects to repurchase shares from time to time in the open market and through negotiated private transactions, subject to market and other conditions. The repurchased shares will be held in treasury and may be used by Choice for general corporate purposes, including future acquisitions and the Company's stock-based employee and director benefit plans, among other uses.
As of December 18, 2008, Choice has approximately 60.8 million shares of common stock outstanding. Through December 18, 2008, Choice has repurchased approximately 40.8 million shares (including 33.0 million prior to the two-for-one stock split effected in October 2005) of common stock at a total cost of $949.9 million since the program was initiated in 1998. Considering the effect of the two-for-one stock split, the company has repurchased 73.8 million shares at an average price of $12.88. Year-to-date through December 18, 2008, the company has repurchased 2.2 million shares of common stock at a total cost of approximately $54.0 million.
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