By: E&P Staff
The board of directors of the Valassis corporation has approved a new share repurchase program of up to five million shares of common stock.
Sources of funding authorized by the board for share repurchases under this new program and the existing program include utilizing up to $150 million of existing cash and up to 100% of future free cash flow. Currently, approximately 3.1 million shares remain authorized for purchase under the existing program. Under the new program, Valassis is authorized to acquire five million shares of its common stock from time to time in open market or private transactions.
This new program marks Valassis’ sixth repurchase program. Staring in 1996, Valassis has completed four share repurchase programs and has partially completed the fifth.