Expedia Buying Back 25M Shares
BELLEVUE, Wash. - Expedia Inc. said Thursday it will buy back 25 million shares for about $29 each - or around $725 million total, excluding fees and expenses - under a modified share repurchase plan that ended Wednesday.
The online travel service said the shares, which it is buying back through a Dutch auction process, account for about 8.9 percent of its outstanding common stock. The company added its board previously authorized it to repurchase an additional 20 million shares of common stock as well.
In June, Expedia (nasdaq: EXPE) said it would buy back up to 116.7 million shares, but the company later lowered the amount because of a lack of available financing on terms it found satisfactory.
Expedia shares added $1.21, or 4.4 percent, to $29 in morning trading. In the past year, the stock has traded between $13.52 and $29.85.