Expedia to buy back $3.5 billion in stock
Bellevue (WA) – The travel business is apparently going very well for Expedia as it announced a $3.5 billion stock buyback program today. The popular airline and hotel booking site plans on buying back 116.7 million shares or about one-third of outstanding common stock for between $27.50 and $30 a share.
Last Friday Expedia shares jumped on rumors that Chairman Barry Diller was planning on taking the company private and cutting 400 jobs. Diller later denied those rumors.
Expedia says the buyback will start next week and that there will be no new stock issued in the foreseeable future.
Last Friday Expedia shares jumped on rumors that Chairman Barry Diller was planning on taking the company private and cutting 400 jobs. Diller later denied those rumors.
Expedia says the buyback will start next week and that there will be no new stock issued in the foreseeable future.
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