Staples Inc. Announces New $1.5 Billion Share Repurchase Authorization
Staples Inc., Framingham, Mass., parent company of Staples Advantage and Staples Promotional Products, announced that its board of directors approved a new program authorizing the company to repurchase $1.5 billion of its shares. This program replaces the previous $1.5 billion program announced in June 2007 that had $295 million of remaining authorization as of July 30, 2011.
Under this program, the company will repurchase shares in both open market and privately negotiated transactions. The company's management will determine the timing and amount of the transactions based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which permits the company to repurchase shares when it otherwise would be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time and has no expiration date. Any repurchased shares will be available for use in connection with the company's stock plans and for other corporate purposes.
The company also announced that its board of directors has declared a quarterly cash dividend on Staples Inc. common stock of $0.10 per share. The dividend is payable on October 13, 2011, to shareholders of record on September 23, 2011.
For more information, visit Staples' website.