Avis Budget Group Inc. today announced that its board of directors has increased the company's share repurchase authorization by $200 million. This gives the company $375 million of available repurchase authorization from Oct. 1 going forward, says Avis.
"Since August 2013, we have repurchased more than $260 million of our outstanding common shares through the end of the third quarter," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer. "We remain committed to delivering value to our shareholders, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives."
Under the stock repurchase program, Avis repurchases shares from time to time in open market transactions, and may also repurchase shares in accelerated stock buyback programs, tender offers, privately negotiated transactions or by other means. Repurchases may also be made under a Rule 10b5-1 plan.
The timing and amount of repurchase transactions will be determined by the company's management based on its evaluation of market conditions, share price, legal requirements and other factors, says the company. The program may be suspended, modified or discontinued at any time without prior notice.
Avis Budget Group is scheduled to report its third quarter 2014 results on Wednesday Oct. 29.