BRIEFCASE MGM BOARD OKS STOCK TENDER OFFER.Byline: - Staff and Wire Services Metro-Goldwyn-Mayer Inc. announced Wednesday that its board approved a ``Dutch auction'' tender offer to buy up to 10 million shares of its common stock within a per-share range of $16.25 to $18. The board also increased its authorization for the company's open market 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 by an additional 2.5 million shares, to a total of slightly more than 5 million shares. The number of shares proposed to be purchased in the tender offer, which is expected to commence before the end of the year, represents about 4.1 percent of MGM's currently outstanding shares. The purchase will be financed primarily from cash on hand, from free cash flow and, if necessary, from the company's existing revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. . The closing price of MGM's common stock on the NYSE NYSE See: New York Stock Exchange Wednesday was $16.25 per share. MGM reported that its largest shareholder, Tracinda Corp., has advised the company that Tracinda and Kirk Kerkorian Kerkor "Kirk" Kerkorian (Armenian: Քըրք Քըրքորյան) (born June 6, 1917) is an American billionaire, and president/CEO of Tracinda Corporation, his private holding do not intend to tender any shares beneficially owned by them in the tender offer. J.D. Power ranks mortgage lenders WESTLAKE VILLAGE - USAA USAA United Services Automobile Association USAA Urban Superintendents Association of America USAA United States Achievement Academy USAA United States Arbitration Act of 1925 USAA United States Axemen's Association USAA United States Air-Table-Hockey Association ranked highest in customer satisfaction for the second consecutive year among the largest national home mortgage lenders, according to a study released Wednesday by J.D. Power and Associates. USAA scored higher than the other 30 lenders included in the study in each of the four factors that impact overall satisfaction, according to J.D. Power. Those factors, listed in order of importance, are: day-to-day administration of the account; billing and payment process; customer-initiated contact experience; and the loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. process. Branch Banking & Trust, SunTrust, Countrywide and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. round out the top five individual lenders in the overall satisfaction ranking, according to J.D. Power. Bank One showed the largest year-over-year improvement in the study, while U.S. Bank made an impressive debut, scoring well above the industry average. Many smaller, often regional lending institutions also performed very well in the study, according to J.D Power. Driven primarily by record low interest rates, customer satisfaction with home mortgage lenders increased for the second consecutive year, according to the study based on responses from more than 11,900 home mortgage customers. Holiday forecast sees sales growth Retailers got another bit of good news on Wednesday, as Ernst & Young released its holiday forecast, expecting a sales increase of 5.2 percent. While the report was generally upbeat, it remained cautious on notes that other forecasts have highlighted, including the impact of the tax rebate tax rebate n → devolución f de impuestos; reembolso fiscal tax rebate n → ristourne f d'impôt tax rebate . The analyst firm suggested that high-end and discount retailers will see the strongest sales, as well as retailers' online sites, which should have a 25 percent increase. S&P downgrades Ford bond ratings DETROIT - Credit ratings agency Standard & Poor's on Wednesday lowered its long-term ratings on Ford Motor Co. to one notch above ``junk'' status, a decision the world's second-largest automaker disputed. S&P last month said it was reviewing whether to lower its long-term and short-term ratings for Ford, its financing arm and rental agency Hertz Corp., but said it was highly unlikely ratings would be lowered below investment-grade status, a key qualification demanded by some large institutional investors in corporate debt. The ratings agency said it lowered Ford's long-term ratings to ``BBB-'' from ``BBB'' and the short-term ratings to ``A-3'' from ``A-2.'' S&P said the ratings outlook was now stable. |
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