Printer Friendly

-AOL Dutch auction tender offer expires, stock repurchase program approved.

M2 EQUITYBITES-August 6, 2012--AOL Dutch auction tender offer expires, stock repurchase program approved(C)2012 M2 COMMUNICATIONS

AOL Inc. (NYSE: AOL) announced the expiration as scheduled of its modified "Dutch Auction" tender offer for the repurchase of up to $400 million in value of shares of its common stock. AOL also announced that its board of directors has approved a $550 million stock repurchase program.

AOL's modified Dutch auction tender offer expired at 5:00 P.M., New York City time, on August 2, 2012. Based on the preliminary count by Computershare Trust company, N.A., the depositary for the tender offer, a total of 292,435 shares of AOL's common stock was properly tendered at or below the final purchase price of $30.00 per share and not properly withdrawn. Prior to the tender offer and since August 2011, AOL has repurchased 14.8 million shares of its common stock at a weighted average price of $14.11 per share for cumulative repurchases of approximately $209 million.

Following the expiration of the tender offer, AOL's board of directors authorized the repurchase of up to an additional $550 million of its outstanding shares of common stock from time to time by the end of 2012 and re-authorized the repurchase of the remaining $40.8 million from the company's initial $250 million stock repurchase program announced in August 2011. The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of prevailing market conditions, the trading price of the common stock and other factors. The repurchases may be made on the open market, via pre-arranged trading plans, accelerated share repurchase plans, in block trades or otherwise and may include derivative transactions. The repurchase program may be suspended or discontinued at any time. company share repurchases under the repurchase program will begin in accordance with applicable Securities Exchange Commission tender offer rules.

((Comments on this story may be sent to>PDAugust 6, 2012>JNM2 EQUITYBITES.PRICEDATENOT APPLICABLE.DAY

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Aug 6, 2012
Previous Article:-Wipro named top third party R&D service provider by Zinnoy.
Next Article:-VirnetX And NEC sign patent license agreement.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters