Exchange holding company, Cboe Global Markets, Inc. announced its board of directors’ authorization of a repurchase up to an additional $250 million of its outstanding common stock, effective immediately.
With this buyback approval, the company has around $347.6 million of availability remaining under its share repurchase program as of June 10, 2020. For the past year the company has repurchased 1.9 million shares, for about $201.6 million.
Ed Tilly, Chairman, President and Chief Executive Officer, Cboe Global Markets commented:
Edward T. Tilly
The capital allocation actions we have taken year-to-date, including our strategic acquisitions, share repurchase activity and increased share repurchase authorization, reinforce our capital allocation priorities of investing in the growth of our business, maintaining a strong and flexible balance sheet, and returning excess cash to shareholders through dividends and share repurchases. These actions also demonstrate our Board of Directors’ support and confidence in the company’s future cash flow generation capabilities.
There is no expiration date on the share buyback program. It allows the company to repurchase shares through open market or privately negotiated transactions. The company is not obligated to make a repurchase at any specific time or situation and the repurchase may depend on market conditions, share price, liquidity targets, regulatory requirements and other factors.
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