DTAG Approves $300 Million Share Repurchase Program

TULSA, Okla. -- After reviewing strategic alternatives for the company, the Dollar Thrifty board of directors has approved a $300 million share repurchase program to be completed by Dec. 31, 2008.

At this level, share repurchases are subject amendments to the company’s revolving credit facility, which currently limits share repurchases to $50 million annually. Pending bank approval for the boost in repurchase level, the company plans to proceed with repurchasing shares under the new policy, up to the limits set by the credit facility.

The new program replaces an existing $100 million program, of which $44.7 million has been used to repurchase more than 1.5 million shares.

Shares will be repurchased at times and amounts determined by DTAG's management based on its evaluation of market conditions and other factors. Repurchases will be made from time to time in the open market and through privately negotiated transactions. Repurchases may also be made under SEC Rule 10b5-1 plans, which permit shares to be repurchased when the company would not normally be in the market due to its own internal blackout periods.

The repurchase program may be suspended or discontinued at any time.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

A Shared Mobility Model Takes Shape for Fleets

Technology that allows cab drivers flexible access to a shared fleet is leveling the playing field for an 89-year-old taxi company.

Safety Tech: Crash Avoidance or Sensory Overload?

As advanced safety technologies become even more pervasive on mainstream vehicles, are we creating “stupid drivers?"

Own the Fleet, Own the Future

In the dialogue surrounding new transportation paradigms, fleets have been off the public radar until recently. Here’s what’s going on, and a way for you to participate in the conversation.

Job Finder: Access Top Talent. Fill Key Positions.

>