CBOE Holdings Declares Special Dividend And Increases Stock Repurchase Authorization
CHICAGO, Dec. 10, 2013 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that its Board of Directors has declared a special cash dividend of $0.50 per share of common stock. The special dividend will be paid on January 17, 2014 to stockholders of record at the close of business on January 3, 2014.
The company's Board of Directors also authorized the company to repurchase an additional $100 million of its outstanding common stock, to be used in addition to any unused amount remaining under prior authorizations. The new authorization brings the total amount available for stock repurchases to approximately $167 million at December 9, 2013. The company had approximately 87 million shares of common stock outstanding at December 9, 2013.
"We are pleased to return capital to stockholders through a special dividend and an increased share repurchase authorization. Both actions reflect our continued commitment to create value for stockholders and the Board's confidence in our ability to generate cash while retaining the financial flexibility to support our plans for future growth,'' said Edward T. Tilly, CBOE Holdings CEO.
"We take a disciplined approach to managing cash, looking first to fund the growth of our business, then to return capital to our stockholders through sustainable quarterly dividends and share repurchases. While this special dividend should not be viewed as a recurring event, our Board will continue to consider all capital allocation alternatives," Tilly added.
The repurchase program permits the company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the corporation to make any repurchases at any specific time or situation. The timing and extent to which the company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, regulatory requirements and other factors. Share repurchases may be commenced or suspended at any time or from time to time without prior notice.
Certain information contained in this news release may constitute forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and are subject to a number of risks and uncertainties
About CBOE Holdings:
CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), the CBOE Futures Exchange (CFE) and other subsidiaries. CBOE, the largest U.S. options exchange and creator of listed options, continues to set the bar for options and volatility trading through product innovation, trading technology and investor education. CBOE Holdings offers equity, index and ETP options, including proprietary products, such as S&P 500 options (SPX), the most active U.S. index option, and options and futures on the CBOE Volatility Index (the VIX Index). Other products engineered by CBOE include equity options, security index options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 500 BuyWrite Index (BXM). CBOE Holdings is home to the world-renowned Options Institute and www.cboe.com, the go-to place for options and volatility trading resources.
CBOE®, Chicago Board Options Exchange®, CBOE Volatility Index®, CFE®, FLEX®, LEAPS® and VIX® are registered trademarks, and BuyWrite, BXMSM, CBOE Futures ExchangeSM, Execute SuccessSM, SPXSM and The Options InstituteSM are service marks of Chicago Board Options Exchange, Incorporated (CBOE). Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC and have been licensed for use by CBOE and CFE.
SOURCE CBOE Holdings, Inc.