MARVEL ANNOUNCES $100 MILLION STOCK BUYBACK COMPLETION – NEWSARAMA
MARVEL ANNOUNCES $100 MILLION STOCK BUYBACK COMPLETION – NEWSARAMA
MARVEL ANNOUNCES $100 MILLION STOCK BUYBACK COMPLETION
Press ReleaseMarvel Entertainment, Inc. (NYSE: MVL), a global
character-based entertainment and licensing company, announced today
that it has repurchased the full $100 million in common stock under its
May 2006 authorization and that its Board of Directors has authorized
an additional $100 million to be used for the repurchase of the
company’s common stock.Pursuant to the authorization, Marvel may purchase shares from time to
time through May 31, 2007 in the open market or through privately
negotiated transactions. Purchases will be funded from working capital
or from borrowings. Marvel has no obligation to repurchase shares under
the authorization, and the timing, actual number and value of shares to
be purchased will depend on many factors, including the performance of
Marvel’s stock price, its cash flow and market conditions. Marvel’s
Vice Chairman, CEO and the company’s largest shareholder, Isaac
Perlmutter, has agreed to not sell any shares while the repurchase
program is in place.Marvel’s Chairman, Morton Handel, commented, “Given our continued
confidence in Marvel’s ability to generate strong levels of free cash
flow as well as the modest capital needs of our unique business model,
the Board continues to believe that share repurchases are an excellent
use of capital that should enhance shareholder value over the
long-term.“Since the commencement of our share repurchase programs in July 2004,
Marvel has repurchased 33.4 million shares for an aggregate purchase
price of $600 million, or approximately $17.95 per share. Our common
stock repurchases have reduced Marvel’s weighted average diluted shares
outstanding to approximately 85.0 million shares, providing what we
believe is an important and recurring benefit to our shareholders.”gate purchase price of $600 million, or approximately $17.95 per share. Our common stock repurchases have reduced Marvel’s weighted average diluted shares outstanding to approximately 85.0 million shares, providing what we believe is an important and recurring benefit to our shareholders.”
Technorati Tags: comics, Marvel
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