America Online (AOL) announced today that it has agreed to repurchase $600 million worth of common stock under the ASR Agreement with Barclays Bank and expects to receive shares throughout the remainder of the year and a substantial majority of the shares underlying the transaction before year-end, including approximately 4 million shares that Barclays will deliver to AOL on August 30. The company also announced its authorization of a $5.15 per share special cash dividend.
“Today’s announcement underscores AOL’s commitment to delivering value for our shareholders,” said AOL Chairman and CEO, Tim Armstrong. “AOL remains committed to creating and unlocking value for all shareholders through smart execution and disciplined management of our asset portfolio.”
(Image Source: AOL, Featured Image)