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Brown-Forman in $250m share repurchase
Brown-Forman has announced that its board of directors has authorised the repurchase of up to $250 million of its outstanding Class A and Class B common shares until November 30, 2011, subject to market and other conditions.
Under this plan, the company can repurchase shares from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. This share repurchase programme may be modified, suspended, terminated or extended by the company at any time without prior notice.
Paul Varga, chief executive officer of Brown-Forman said: “The announcement of this share repurchase authorisation demonstrates our continued confidence in the long-term growth prospects of Brown-Forman.”
Brown-Forman’s brands include Jack Daniel’s Tennessee Whiskey, Southern Comfort, Finlandia and Woodford Reserve. The brands are sold in approximately 135 countries worldwide.
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