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Brown-Forman launches stock buyback scheme
Jack Daniel’s maker Brown-Forman is seeking to repurchase US$200 million worth of shares in its business.
Brown-Forman is seeking to extend its own shareholding
The company’s board of directors approved the share repurchase programme, which will run from 13 July 2018 to 12 July 2019.
Under the scheme, Brown-Forman can repurchase ‘class A’ and ‘class B’ common stock “from time to time for cash in open market purchases, block transactions, and privately negotiated transactions”.
Paul Varga, outgoing chief executive of Brown-Forman, said:“We are appropriately attentive to today’s uncertain market environment, but remain optimistic about the long-term growth prospects for our brands around the world.
“We strive to deliver leading returns for our shareholders and believe this buyback authorisation provides us with the flexibility to repurchase our shares when the market presents the opportunity.”
Varga is to retire from Brown-Forman at the end of this year and will be succeeded by chief operating officer Lawson E Whiting.