CHICAGO, May 21, 2015 /PRNewswire/ -- CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that its Board of Directors increased its share repurchase authorization by $100 million. Including this new authorization, the Board has authorized a total of $500 million for buying back shares since 2011.
The company's Board of Directors authorized the company to repurchase an additional $100 million of its outstanding common stock, effective immediately. This increased authorization will be added to the approximately $30 million that currently remains available from an existing authorization approved by the Board in July 2014.
"We are pleased to increase our share repurchase authorization, which provides us financial flexibility as we strive to enhance shareholder value and demonstrates the Board's continued confidence in CBOE's ability to consistently generate strong free cash flow," said CBOE Holdings Chief Executive Officer Edward T. Tilly. "We will continue to opportunistically repurchase our stock, while maintaining ample liquidity to support the continued growth of our business."
The share repurchase program has no expiration date. 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, Inc.:
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, Weeklys options, LEAPS options, FLEX options, and benchmark products such as the CBOE S&P 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®, CFE®, Execute Success®, FLEX®, LEAPS®, CBOE Volatility Index® and VIX® are registered trademarks, and BuyWriteSM, CBOE Futures ExchangeSM, BXMSM, WeeklysSM 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, CFE and C2.
SOURCE CBOE Holdings, Inc.