Dana Announces $250M Share Repurchase Program
Dana Holding Corporation (NYSE: DAN) today announced its Board of Directors has approved a share repurchase program for up to $250 million of its currently outstanding shares of common stock. Dana plans to repurchase its shares either in the open market or through privately negotiated transactions over the next two years.
The stock repurchase is subject to prevailing market conditions and other considerations. The company has sufficient liquidity to support this initiative and plans to utilize its excess cash for the program.
"This program reflects strength in our balance sheet, confidence in the long-term prospects of our business, and commitment to delivering value to our shareholders," said Roger J. Wood, Dana president and chief executive officer.
Additionally, Dana announced that its Board of Directors has declared a dividend on its common stock. The Board declared a quarterly dividend of $0.05 per share, payable Nov. 30, 2012, to holders of Dana common stock as of Nov. 9, 2012.
The Board of Directors also authorized the payment of a dividend to shareholders of 4.0 percent Series A Convertible Preferred Stock and 4.0 percent Series B Convertible Preferred Stock. A cash payment of $1.00 per share representing a quarterly