The Shyft Group announced that its Board of Directors authorized the repurchase of up to $250 million of its common stock.
“Today’s announcement follows completion of the share repurchase program previously announced, as a result of the company buying back approximately 409,000 shares in January 2022 for a total cost of $18.9 million,” said Daryl Adams, president and CEO. “This new repurchase authorization for up to $250 million reflects the Board’s positive long-term outlook of the company and demonstrates our commitment of returning value to shareholders.”
Repurchases under the new share repurchase program may be made through a variety of methods, including open market, or privately negotiated purchases. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities and other factors, the company said.