Wendy's/Arby's Group Inc. has announced that its board of directors increased the company's stock repurchase authorization by $50 million to a total of $250 million.
Since the board of directors authorized the stock repurchase program in August 2009, the company has repurchased 30.4 million shares of its common stock for approximately $141 million, at an average price of $4.64 per share. The company now has approximately $109 million available for stock repurchases under the board's authorization.
"We have completed $141 million in stock repurchases, and this incremental authorization reflects confidence in the long-term growth prospects of our company," said president and CEO Roland Smith.
At the close of business on March 19, 2010, the company had approximately 444 million shares of common stock outstanding. The current common stock repurchase program will remain in effect through Jan. 2, 2011, and will allow the company to make repurchases when and if market conditions warrant.
