Alliance Data OKs up to $400M in stock buybacks
Alliance Data board OKs repurchase of up to $400 million of its stock during 2013
DALLAS (AP) -- Alliance Data Systems' board has approved the repurchase of up to $400 million of its common shares during 2013, sending its share price to a new high.
The company, which manages loyalty and rewards programs for retailers and others, said Tuesday that the new buyback program replaces an existing one that expired at the end of 2012.
Alliance Data Systems Corp. said that the repurchases will be financed through free cash flow.
The company has repurchased approximately 36.3 million of its shares at a cost of about $2 billion since 2008.
Its stock gained 31 cents to $154.72 in morning trading Tuesday after rising to a new high of $156.11 in earlier trading.
