Business news : Jarden Increases Stock Buyback Program

Jarden Corporation announced that its board of directors has authorized an increase to its current share repurchase program. The authorized share repurchase program is now $500 million. The new program includes the remaining $130 million of unused capacity under the company's existing share repurchase program.

In conjunction with the new program, Jarden has agreed to repurchase an aggregate of $250 million worth of common stock pursuant to Accelerated Stock Repurchase Agreements ("ASR Agreement") with Barclays Bank plc. and JPMorgan Chase Bank, N.A. Jarden will fund the $250 million today at the beginning of the ASR Agreement and will receive the majority of repurchased shares at the same time. The $250 million accelerated share repurchase program will be funded with cash on hand.

The specific number of shares Jarden will ultimately repurchase under the ASR Agreement will be based on the average of the daily volume weighted average prices of Jarden's common stock over the period. The ASR Agreement period is expected to be completed by no later than the Company's fiscal third quarter.

Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Aero®, Berkley®, Campingaz® and Coleman®, ExOfficio®, Fenwick®, Gulp!®, Invicta®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, Volkl® and Zoot®; Consumer Solutions: Bionaire®, Breville®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew Cornell®, Mapa®, NUK®, Pine Mountain®, Quickie®, Spontex® and Tigex®.

( Source SportsOneSource )

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