ACNielsen Announces New Share Repurchase Plan.STAMFORD, Conn.--(BUSINESS WIRE)--Sept. 21, 1998--ACNielsen Corporation (NYSE NYSE See: New York Stock Exchange : ART) announced today that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a new share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. Under the new program, the company expects to buy back its shares up to approximately 20% of net income, as limited by its November 1996 spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. agreements. The repurchases will be made from time to time on the open market. For the six months ended June 30, 1998, the company's net income was $17.9 million, thereby enabling the company to purchase up to $3.6 million of its shares. Separately, the company announced an odd-lot program targeted to holders of fewer than 100 shares of ACNielsen common stock. Shareholders eligible for the voluntary program will be given the option of selling all of their shares, or "rounding up" their positions to 100 shares. ACNielsen, offering services in over 90 countries and with 1997 revenues of $1.4 billion, is the global leader in delivering market research, information and analysis to the consumer products and service industries. Note to Editors: Look for this press release and other ACNielsen news on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://acnielsen.com. |
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