ATLANTA (News release) -- Veritiv Corporation announced that its Board of Directors has authorized a $25 million stock repurchase program.
"Our management team and our Board of Directors are committed to returning value to our shareholders, as well as prudent management of our capital structure. We believe this stock repurchase program will create long-term value for our shareholders," said Mary Laschinger, Chairman and CEO of Veritiv Corporation.
Under this authorization, the Company may, from time to time, purchase shares of its common stock through open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions, tender offers or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The $25 million share repurchase authorization does not obligate the Company to purchase any shares. The Company may commence such repurchases immediately, subject to compliance with applicable securities laws. The Company may enter into a pre-arranged stock trading plan in accordance with the guidelines specified under Rule 10b5-1 to effectuate the Company's new stock repurchase program. The Company expects to finance any repurchases from a combination of cash on hand and cash provided by operating activities. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to results of operations, financial conditions, cash requirements and other factors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by the board of directors at any time.