In Brief: P&G stock buyback
This article was originally published in The Rose Sheet
Executive Summary
P&G stock buyback: Procter & Gamble plans to repurchase up to 11 mil. shares of its outstanding common stock, with a total value of $1 bil., during FY 1996-1997. The company noted that this plan is in addition to the annual repurchasing program of 4-5 mil. common shares announced in 1995 ("The Rose Sheet" April 3, 1995, In Brief). P&G explained that its "strong cash position and modest level of acquisition activity" during 1995-1996 are allowing it to initiate the buyback program. In commenting on the repurchase, the company said it is "committed to delivering superior total shareholder return through investments in [its] existing business, through targeted strategic acquisitions and through investing in [its] common stock"...