Liberty Global Sets Buyback Program

Author:
Publish date:
Updated on

Liberty Global Inc. announced the authorization of a stock-repurchase program Monday.

The company said it may acquire from time to time up to $200 million in series-A common stock.

“This stock-repurchase program, together with the payment of the cash consideration to stockholders in the UGC [UnitedGlobalCom Inc.] merger, amounts to approximately $900 million,” Liberty CEO Mike Fries said in a prepared statement.

“That represents a significant investment in our stock,” he added. “And we still have ample liquidity -- consisting primarily of cash on hand and debt capacity under our credit lines -- to pursue our acquisition strategy. In addition, we will continue to look for opportunities to monetize noncore investment positions and assets with a view toward reinvesting these proceeds in higher-return opportunities, including acquisitions and/or stock repurchases.”

Related