Asbury Automotive Increases Total Share Repurchase Authorization To $100M
Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and services companies in the U.S., today announced that its Board of Directors has increased the size of the Company's share repurchase authorization to a total of $100 million of the Company's common stock. During the first half of the year, the Company repurchased 503,000 shares of its common stock for approximately $29.4 million. As of April 22, 2014, the Company had approximately 30.7 million shares outstanding.
Stock repurchases may be made in open market or privately negotiated transactions from time to time. The Company will base future repurchase decisions on such factors as Asbury's stock price, general economic and market conditions, the potential impact on its capital structure, and the expected return on competing uses of capital such as strategic dealership acquisitions and capital investments. Asbury gives no assurance as to the amount of repurchases to be made or the actual purchase prices.
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